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                                                                     Exhibit 4.7

THE SECURITIES EVIDENCED BY THIS WARRANT CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED, OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT
OR, IN THE OPINION OF COUNSEL, IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER
OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER OR HYPOTHECATION IS IN
COMPLIANCE THEREWITH.

                                     WARRANT
                            TO PURCHASE COMMON STOCK
                                       OF
                               INSMED INCORPORATED

                           (void after July 10, 2008)

No. W-___

         THIS CERTIFIES THAT, for value received, ______________ or registered
assigns (the "Holder"), from and after the Commencement Date (as defined below),
and subject to the terms and conditions herein set forth, is entitled to
purchase from Insmed Incorporated, a Virginia corporation (the "Company"), at
any time before 5:00 p.m. New York City time on July 10, 2008 (the "Termination
Date"), ___________________ (_____) shares (the "Warrant Shares") of the
Company's common stock, $.01 par value per share (the "Common Stock"), at a
price per share equal to the Warrant Price (as defined below) upon exercise of
this Warrant pursuant to Section 5 hereof. The number of Warrant Shares is
subject to adjustment under Section 2.

1.       Definitions. As used in this Warrant, the following terms have the
definitions ascribed to them below:

         (a)  "Commencement Date" means January 11, 2004.

         (b)  "Issuance Date" means July 11, 2003.

         (c)  "Offering Warrants" shall have the meaning ascribed to the term in
Section 8.

         (d)  "Person" means any individual, corporation, partnership, limited
liability company, trust, incorporated or unincorporated association, joint
venture, joint stock company, governmental authority or other entity of any
kind, and shall include any successor (by merger or otherwise) of such entity.

         (e)  "Purchase Agreement" means that certain Stock and Warrant Purchase
Agreement dated as of July 11, 2003 between the Company and the initial Holder
of this Warrant.

         (f)  "Warrant Price" means $4.10 per share subject to adjustment under
Section 2.

2.       Adjustments and Notices. The Warrant Price and/or the Warrant Shares
shall be subject to adjustment from time to time in accordance with this Section
2. The Warrant Price and/or the Warrant Shares shall be adjusted to reflect all
of the following events that occur on or after the Issuance Date.

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         (a)  Subdivision, Stock Dividends or Combinations. In case the Company
shall at any time subdivide the outstanding shares of the Common Stock or shall
issue a stock dividend with respect to the Common Stock, the Warrant Price in
effect immediately prior to such subdivision or the issuance of such dividend
shall be proportionately decreased, and the number of Warrant Shares for which
this Warrant may be exercised immediately prior to such subdivision or the
issuance of such dividend shall be proportionately increased. In case the
Company shall at any time combine the outstanding shares of the Common Stock,
the Warrant Price in effect immediately prior to such combination shall be
proportionately increased, and the number of Warrant Shares for which this
Warrant may be exercised immediately prior to such combination shall be
proportionately decreased. In each of the foregoing cases, the adjustment shall
be effective at the close of business on the date of such subdivision, dividend
or combination, as the case may be.

         (b)  Reclassification, Exchange, Substitution, In-Kind Distribution.
Upon any reclassification, exchange, substitution or other event that results in
a change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant or upon the payment of a dividend in securities or
property other than shares of the Common Stock, the Holder shall be entitled to
receive, upon exercise of this Warrant, the number and kind of securities and
property that Holder would have received if this Warrant had been exercised
immediately before the record date for such reclassification, exchange,
substitution, or other event or immediately prior to the record date for such
dividend. The Company or its successor shall promptly issue to Holder a new
warrant for such new securities or other property. The new warrant shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise or conversion of the new warrant. The provisions of this
Section 2(b) shall similarly apply to successive reclassifications, exchanges,
substitutions, or other events and successive dividends.

         (c)  Reorganization, Merger etc. In case of any merger or consolidation
of the Company into or with another corporation where the Company is not the
surviving corporation, or sale, transfer or lease (but not including a transfer
or lease by pledge or mortgage to a bona fide lender) of all or substantially
all of the assets of the Company, the Company, or such successor or purchasing
corporation, as the case may be, shall, as a condition to closing any such
reorganization, merger or sale, duly execute and deliver to the Holder hereof a
new warrant so that the Holder shall have the right to receive, at a total
purchase price not to exceed that payable upon the exercise or conversion of the
unexercised portion of this Warrant, and in lieu of the Warrant Shares
theretofore issuable upon exercise or conversion of this Warrant, the kind and
amount of shares of stock, other securities, money and property that would have
been receivable upon such reorganization, merger or sale by the Holder with
respect to the Warrant Shares if this Warrant had been exercised immediately
before the consummation of such transaction. Such new warrant shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 2. The provisions of this subparagraph
(c) shall similarly apply to successive transactions of the type described in
this subparagraph (c).

         (d)  Certificate of Adjustment. In each case of an adjustment or
readjustment of the Warrant Price, the Company, at its own expense, shall cause
its Principal Financial Officer to compute such adjustment or readjustment in
accordance with the provisions hereof and prepare a certificate showing such
adjustment or readjustment, and shall mail such certificate, by first class
mail, postage prepaid, to the Holder. The certificate shall set forth such
adjustment or readjustment, showing in detail the facts upon which such
adjustment or readjustment is based. No adjustment of the Warrant Price shall be
required to be made unless it would result in an increase

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or decrease of at least one cent, but any adjustments not made because of this
sentence shall be carried forward and taken into account in any subsequent
adjustment otherwise required hereunder.

         (e)  No Impairment. The Company shall not, by amendment of its charter,
by-laws or other organizational documents, or through a reorganization, transfer
of assets, consolidation, merger, dissolution, issue, or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed under this Warrant by the
Company, but shall at all times in good faith assist in carrying out all of the
provisions of this Section 2 and in taking all such action as may be necessary
or appropriate to protect the Holder's rights under this Section 2 against
impairment.

         (f)  Fractional Shares. No fractional shares shall be issuable upon
exercise or conversion of the Warrant and the number of shares to be issued
shall be rounded down to the nearest whole share. If a fractional share interest
arises upon any exercise or conversion of the Warrant, the Company shall
eliminate such fractional share interest by paying the Holder an amount computed
by multiplying the fractional interest by the fair market value of a full share.

3.       No Shareholder Rights. This Warrant, by itself, as distinguished from
any shares purchased hereunder, shall not entitle the Holder to any of the
rights of a shareholder of the Company.

4.       Reservation of Stock. The Company will reserve from its authorized and
unissued stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of this Warrant. Issuance of this Warrant shall
constitute full authority to the Company's officers who are charged with the
duty of executing stock certificates to execute and issue the necessary
certificates for the Warrant Shares issuable upon the exercise of this Warrant.

5.       Exercise of Warrant. This Warrant may be exercised only as a whole by
the Holder, at any time from and after the Commencement Time and prior to the
termination of this Warrant, by the surrender of this Warrant at the principal
office of the Company, together with the Notice of Exercise in the form attached
hereto as Attachment 1, duly completed and executed, specifying that all of the
Warrant is to be exercised and accompanied by payment in full of the Warrant
Price in wire transfer or by certified check with respect to the Warrant Shares
being purchased. This Warrant shall be deemed to have been exercised immediately
prior to the close of business on the date of its surrender for exercise as
provided above, and the person entitled to receive the Warrant Shares issuable
upon such exercise shall be treated for all purposes as the holder of such
shares of record as of the close of business on such date. As promptly as
practicable after such date, the Company shall issue and deliver to the person
or persons entitled to receive the same a certificate or certificates for the
number of full Warrant Shares issuable upon such exercise.

6.       Transfer of Warrant. This Warrant may be transferred or assigned by the
Holder hereof as a whole or in part, provided:

         (a)  that the transferor provides, at the Company's request, an opinion
of counsel satisfactory to the Company that such transfer does not require
registration under the Securities Act, and

         (b)  that if after such transfer there will be two or more such
Warrants (due to the Warrant having been transferred in part and not in whole),
that all persons holding a Warrant covering shares that were covered by the
original Warrant must agree in writing with each other that none of them will
exercise unless all of them exercise simultaneously.

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7.       Legends. Upon issuance, the certificate or certificates evidencing any
Warrant Shares shall bear legends as set forth in the Purchase Agreement.

8.       Purchase Agreement. This Warrant is one of a number of warrants (the
"Offering Warrants") issued pursuant to the Purchase Agreement, and the Warrant
Shares shall be entitled to the rights conferred thereon under the Purchase
Agreement, including without limitation the registration rights provided in
Section 7 thereof.

9.       Termination. This Warrant shall terminate at 5:00 p.m. New York City
time on the Termination Date.

10.      Miscellaneous. This Warrant shall be governed by the laws of the
Commonwealth of Virginia, as such laws are applied to contracts to be entered
into and performed entirely in Virginia by Virginia residents. The headings in
this Warrant are for purposes of convenience and reference only, and shall not
be deemed to constitute a part hereof. Neither this Warrant nor any term hereof
may be changed or waived orally, but only by an instrument in writing signed by
the Company and (a) holders of Offering Warrants exercisable for a majority of
the Warrant Shares issuable upon exercise of the then outstanding Offering
Warrants, provided that such change or waiver does not adversely affect the
Holder without adversely affecting all holders of Offering Warrants in a similar
manner or (b) the Holder. All notices and other communications from the Company
to the Holder of this Warrant shall be delivered personally or by facsimile
transmission or mailed by first class mail, postage prepaid, to the address or
facsimile number furnished to the Company in writing by the last Holder of this
Warrant who shall have furnished an address or facsimile number to the Company
in writing, and if mailed shall be deemed given three days after deposit in the
United States mail. Upon receipt of evidence satisfactory to the Company of the
ownership of and the loss, theft, destruction or mutilation of any Warrant and,
in the case of any such loss, theft or destruction, upon receipt of indemnity or
security satisfactory to the Company or, in the case of any such mutilation,
upon surrender and cancellation of such Warrant, the Company will make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new
Warrant of like tenor and representing the right to purchase the same aggregate
number of shares of Common Stock.


ISSUED:  July 11, 2003


INSMED INCORPORATED


By:__________________________________

Name:________________________________

Title:_______________________________

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                                                                    Attachment 1

NOTICE OF EXERCISE

TO:      INSMED INCORPORATED

1.     The undersigned hereby elects to purchase all Warrant Shares of Insmed
       Incorporated pursuant to the terms of the attached Warrant, and tenders
       herewith payment of the purchase price in full, together with all
       applicable transfer taxes, if any.

2.     Please issue a certificate or certificates representing said Warrant
       Shares in the name of the undersigned or in such other name as is
       specified below:

                         ______________________________
                 (Name in which certificate(s) are to be issued)

                         ______________________________
                                    (Address)


                                                    ____________________________
                                                      (Name of Warrant Holder)

                                                    By:_________________________

                                                    Title:______________________

                                                    Date signed: _______________

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