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Inspire reports $9.7 million net loss for fourth quarter

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DURHAM, N.C. — Inspire Pharmaceuticals reported a net loss of $9.7 million, or $0.17 per share, for the fourth quarter of 2008 and a net loss of $51.6 million, or $0.91 per share, for the full year 2008, according to a press release from the company.

Revenue for the fourth quarter totaled $18.9 million, a 36% increase compared with $13.9 million for the fourth quarter of 2007. Total revenue for 2008 was $70.5 million, a 45% increase compared with $48.7 million reported in 2007.

Fourth-quarter co-promotion revenue from net sales of Restasis (0.05% cyclosporine A, Allergan) was $8.6 million compared with $7.4 million in 2007, with full-year co-promotion revenue totaling $32.8 million for 2008 compared with $24.4 million in 2007.

Co-promotion revenue from net sales of Elestat (0.05% epinastine HCl ophthalmic solution) totaled $3 million, as compared with $4.4 million in the fourth quarter of 2007. Full-year revenue from net sales of Elestat was $18.1 million in 2008, as compared with $21.1 million in 2007.

Revenue from AzaSite (1% azithromycin ophthalmic solution), launched in August 2007, totaled $7.3 million in the fourth quarter of 2008, an increase of 260% compared with $2 million in the fourth quarter of 2007. Reflecting its first full year of commercialization, AzaSite revenue was $18.3 million in 2008 compared with $3.1 million in 2007.

Inspire also announced plans to pursue an additional indication for AzaSite for the treatment of blepharitis and the initiation of a phase 2 clinical program in the second quarter. In addition, progress has been reported in a phase 3 trial for Prolacria (diquafosol tetrasodium ophthalmic solution 2%) for treating dry eye, and a phase 1 trial of INS117548 ophthalmic solution for the treatment of glaucoma has been initiated.