Published Thu, Nov 05, 2009 09:26 AM
Modified Thu, Nov 05, 2009 09:25 AM

Inspire Pharmaceuticals' revenue jumps

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BY DAVID RANII - STAFF WRITER

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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