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Inspire increases revenue for fiscal 2003

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DURHAM, N.C. — Inspire Pharmaceuticals reported $5.2 million in revenue for fiscal 2003, an increase from $4.9 million in 2002, according to a press release from the company. The increase is directly attributed to a milestone payment after Inspire filed a New Drug Application with U.S. regulators for Elestat (diquafosol tetrasodium) for the treatment of dry eye.

Net loss for the year was $31.4 million, compared to a net loss of $24.7 million in fiscal 2002, the company reported. The increases in losses were attributed to increased expenditures surrounding the marketing of Elestat, set to begin this month.

The company also expects to receive royalty payments related to Restasis (cyclosporine), for the treatment of dry eye, which is copromoted with Allergan in the United States.