Insmed is incorporated in the Commonwealth of Virginia and becomes a public company (INSM) after acquiring Celtrix Pharmaceuticals in a reverse merger.

Transave is founded as a private company by Dr. Frank Pilkiewicz in Monmouth Junction, NJ, to develop inhaled pharmaceuticals for the treatment of lung diseases. 

Insmed is founded as a private company by Dr. Joseph Larner in Charlottesville, Va., to develop medicines to treat diabetes.