mchen@heraldsun.com; 419-6636
DURHAM -- Inspire Pharmaceuticals Inc. on Thursday reported a loss of $8.5 million for the third quarter, mostly owing to an increase in expenses even as revenues for the company's lead products rose.
Operating expenses for the third quarter totaled $33.1 million, up from $29 million a year ago, primarily because of higher research and development expenses, including a $3.3 million milestone payment to Yamasa Corp. for a technology agreement to enable a two-supplier strategy for denufosol, the company's candidate for treating cystic fibrosis.
Revenue for the third quarter was $25.2 million, a 26 percent increase from the $20.0 million revenue from a year ago.
Revenue from Azasite, the company's candidate for treating pinkeye, was $9.0 million, nearly double the $4.7 million from the third quarter of 2008.
Co-promotion and royalty revenue for the third quarter was $16.1 million, up from 15.2 million in the third quarter of 2008. The revenues were from co-promotion of Elestat, a red eye solution, and Restasis by Allergan, a drug company based in Irvine, Calif.
In an earnings call Thursday morning, CEO Christy Shaffer said, "Our clinical programs are progressing very well, with success in completing patient enrollment in three clinical trials."
The company could move forward in regulatory filings for three products in the next several years.
Patient enrollment has been completed in trials for denufosol, Prolacria and Azasite are now complete. Prolacria and denufosol were both in Phase 3 development. Azasite was in Phase 2 trials.
The company also netted $109 million with a stock offering in early August.
Shaffer, who was the company's first full-time employee and has been CEO since 1998, plans on stepping down as soon as a successor can be found.
