(a)

¨ Broker or dealer registered under Section 15 of the Exchange Act;

(b)

¨ Bank as defined in Section 3(a)(6) of the Exchange Act;

(c)

¨ Insurance company as defined in Section 3(a)(19) of the Exchange Act;

(d)

¨ Investment company registered under Section 8 of the Investment Company Act;

(e)

¨ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

(f)

¨ An employee benefit plan or endowment find in accordance with Rule 13d-1(b)(1)(ii)(F);

(g)

¨ A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

(Page 5)

CUSIP No. 457669208

(h)

¨ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;

(i)

¨ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;

(j)

¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

	(a)	Amount beneficially owned:
		Tang Capital Partners is the record and beneficial owner of 3,590,734 shares of common stock. Tang Capital Management, as the general partner of Tang Capital Partners, and Mr. Tang, as the managing member of Tang Capital Management, may also be deemed to beneficially own these shares. Mr. Tang disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

	(b)	Percent of class:
		See response to Item 11 on pages 2, 3 and 4.

(c)

Number of shares as to which such person has:

	(i)	Sole power to vote or to direct the vote:
		See response to Item 5 on pages 2, 3 and 4.

	(ii)	Shared power to vote or to direct the vote:
		See response to Item 6 on pages 2, 3 and 4.

	(iii)	Sole power to dispose or to direct the disposition of:
		See response to Item 7 on pages 2, 3 and 4.

	(iv)	Shared power to dispose or to direct the disposition of:
		See response to Item 8 on pages 2, 3 and 4.

     If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ¨.

Not applicable.

Not applicable.

Not applicable.

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CUSIP No. 457669208

Not applicable.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

(Page 7)

Signature

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 23, 2005	TANG CAPITAL PARTNERS, LP,
	By:	Tang Capital Management, LLC
	By:	/s/ Kevin C. Tang
		Name:	Kevin C. Tang
		Title:	Managing Member
	TANG CAPITAL MANAGEMENT, LLC
	By:	/s/ Kevin C. Tang
		Name:	Kevin C. Tang
		Title:	Managing Member
	/s/ Kevin C. Tang
	Name:	Kevin C. Tang

(Page 8)

Exhibit 99.1

JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, $0.01 par value, of Insmed Incorporated and further agree to the filing of this agreement as an exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G.

Date: March 23, 2005	TANG CAPITAL PARTNERS, LP,
	By:	Tang Capital Management, LLC
	By:	/s/ Kevin C. Tang
		Name:	Kevin C. Tang
		Title:	Managing Member
	TANG CAPITAL MANAGEMENT, LLC
	By:	/s/ Kevin C. Tang
		Name:	Kevin C. Tang
		Title:	Managing Member
	/s/ Kevin C. Tang
	Name:	Kevin C. Tang