<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
__________
SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 and 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Insmed, Inc.
-----------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $.01 Per Share
-----------------------------------------------------
(Title of Class of Securities)
457669 10 9
-----------------------------------------------------
(CUSIP Number)
<PAGE>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 2 of 9 Pages
------------------------- ---------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Ticonderoga Partners III, L.P.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 8,484,998
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 8,484,998
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
8,484,998
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
8.0%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
------------------------------------------------------------------------------
<PAGE>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 3 of 9 Pages
------------------------- ---------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Ticonderoga Associates III, L.L.C.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 8,484,998
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 8,484,998
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
8,484,998
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
8.0%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
OO
------------------------------------------------------------------------------
<PAGE>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 4 of 9 Pages
------------------------- ---------------------
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Ticonderoga Capital, Inc.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 8,484,998
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 8,484,998
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 -0-
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
8,484,998
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
8.0%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
CO
------------------------------------------------------------------------------
<PAGE>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 5 of 9 Pages
------------------------- ---------------------
ITEM 1(A). NAME OF ISSUER:
Insmed, Inc.
----------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
800 East Leigh Street, Richmond, VA 23219
-----------------------------------------
ITEM 2(A). NAME OF PERSON FILING:
This statement is being filed by the following persons with
respect to the shares of common stock of the Issuer directly
owned by Ticonderoga Partners III, L.P., (the "Fund"):
(i) Ticonderoga Partners III, L.P., a Delaware limited
partnership ("Ticonderoga Partners"),
(ii) Ticonderoga Associates III, L.L.C., a Delaware limited
liability company ("Ticonderoga Associates") and the
General Partner of Ticonderoga Partners, and
(iii) Ticonderoga Capital, Inc., a Delaware corporation
("Ticonderoga Capital"), the Investment Manager of
Ticonderoga Partners.
Ticonderoga Partners, Ticonderoga Associates, and Ticonderoga
Capital are sometimes individually referred to herein as a
"Reporting Person" and collectively as the "Reporting Persons."
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Address for Ticonderoga Partners, Ticonderoga
Associates, and Ticonderoga Capital:
c/o Ticonderoga Capital, 20 William Street,
Wellesley, Massachusetts 02181
------------------------------
<PAGE>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 6 of 9 Pages
------------------------- ---------------------
ITEM 2(C). CITIZENSHIP:
Ticonderoga Partners - Delaware
Ticonderoga Associates - Delaware
Ticonderoga Capital - Delaware
------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share
--------------------------------------
ITEM 2(E). CUSIP NUMBER:
457669 10 9
-----------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A:
(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 fund 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);
(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).
<PAGE>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 7 of 9 Pages
------------------------- ---------------------
If this statement is filed pursuant to Rule 13d-1(c), check this box. [X]
ITEM 4. OWNERSHIP.
If the percent of the class owned, as of December 31 of the year covered by
the statement, or as of the last day of any month described in Rule 13d-1
(b)(2), if applicable, exceeds five percent, provide the following information
as of that date and identify those shares which there is a right to acquire.
For Ticonderoga Partners, Ticonderoga Associates, and Ticonderoga Capital:
(a) Amount beneficially owned:
8,484,998 shares of Common Stock
--------------------------------
(b) Percent of class:
8.0%
-----------
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 8,484,998
---------
(ii) Shared power to vote or to direct the vote --0--
--------------
(iii) Sole power to dispose or to direct the disposition of 8,484,998
---------
(iv) Shared power to dispose or to direct the disposition of --0--
-------------
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The shares to which this filing by Ticonderoga Partners, Ticonderoga
Associates, and Ticonderoga Capital relates are beneficially owned by
the Fund, which has the power to direct the dividends from or the
proceeds of the sale of the shares owned by such Fund. Ticonderoga
Capital serves as the Investment Manager to the Fund.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
<PAGE>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 8 of 9 Pages
------------------------- ---------------------
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
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>
------------------------- ---------------------
CUSIP NO. 457669 10 9 13G Page 9 of 9 Pages
------------------------- ---------------------
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.
June 15, 2000
----------------------
Date
TICONDEROGA PARTNERS III, L.P.
By: Ticonderoga Associates III, L.L.C.,
its General Partner
By: /s/ CRAIG A.T. JONES
-------------------------
Name: Craig A.T. Jones
Title: Member
TICONDEROGA ASSOCIATES III, L.L.C.
By: /s/ CRAIG A.T. JONES
-------------------------
Name: Craig A.T. Jones
Title: Member
TICONDEROGA CAPITAL, INC.
By: /s/ CRAIG A.T. JONES
--------------------------
Name: Craig A.T. Jones
Title: President
