Inspire losses double as R&D costs increase
Published: Tue, Feb. 27, 2007 10:17AM
Modified Tue, Feb. 27, 2007 10:23AM
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closeInspire Pharmaceuticals' losses doubled in the fourth quarter as the Durham drug development company revved up its research and development activities.
The company reported a loss of $15.5 million for the three months ended Dec. 31, up from $7.1 million a year ago. For the full year, losses rose about 75 percent to $42.1 million.
In the past two years, Inspire has secured four promising drugs from other companies to replace disappointments in its own pipeline. Two of the deals were made in the past four months.
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Inspire reported $25 million in operating expenses for the fourth quarter, up 52 percent. The increase was partly due to an $11.9 million payment the company made to Faes Farma for the rights to develop and market an allergy drug Faes had been working on. For the full year, operating expenses were $83.7 million, up 70 percent from 2005.
Fourth-quarter revenue rose 62 percent to $8.5 million. Inspire has a contract with California-based Allergan to sell two Allergan drugs, dry eye treatment Restasis and allergy drug Elestat. For the full year, revenue rose 59 percent to $37 million.
Inspire reported earnings before the market opened today. Stocks fell 24 cents in morning trading to $7.19.
Staff writer Sabine Vollmer can be reached at (919) 829-8992 or svollmer@newsobserver.com
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