Inspire Pharmaceuticals reported a narrower loss in the third quarter thanks to double-digit revenue growth.
The Durham drug company this morning reported quarterly revenue of $25.2 million, up 26 percent from a year ago.
The company's loss totaled $8.5 million, compared to $9.6 million a year ago.
CEO Christy Shaffer said in a prepared statement that the company's secondary stock offering in August, which raised $109 million after underwriting fees, puts the company in good position to advance its three experimental drugs that are in late-stage clinical trials.
Inspire had $140.3 million in cash as of Sept. 30.
The company projected that its total revenue for the year will range between $80 million and $90 million. Revenue for the first nine months of the year totaled $62.6 million.
Inspire shares closed Wednesday at $5.08, up 18 cents. Shares have risen 41 percent this year.
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