Durham, N.C. based Inspire Pharmaceuticals, Inc. (ISPH) is a specialty pharmaceutical company engaged in the development and commercialization of treatments for Respiratory and Ophthalmologic Disorders. Currently, ISPH has Food & Drug Administration (FDA) approval for three products: Elestat for allergic conjunctivitis, Restasis for dry eye disease and AzaSite (1.0% azithromycin ophthalmic solution) for bacterial conjunctivitis. Elestat and Restasis were launched in the U.S. in February 2004 and April 2003, respectively, with marketing partner Allergan Pharmaceuticals. Elestat continues to hold the position of the second most prescribed allergic conjunctivitis product in the U.S. market. In February 2007, Inspire licensed AzaSite (1.0% azithromycin ophthalmic solution) from InSite Vision Incorporated for the US and Canadian commercialization. AzaSite was approved by the FDA in April 2007 for the treatment of bacterial conjunctivitis and Inspire launched AzaSite in middle August 2007.
Inspire is also developing advanced products for ophthalmologic disorders with Allergan, the lead candidate being INS365 (Prolacria). The company has several collaborative agreements, and selectively retains commercializing and marketing rights in them. Its leading pipeline candidate is Denufosol for cystic fibrosis (phase III). Inspire recently added another candidate to its pipeline an intranasal dosage form of epinastine (phase II) for the treatment or prevention of rhinitis. In November, 2006, Inspire and FAES Farma, S.A. signed a licensing agreement for the U.S. and Canadian development and commercialization of Bilastine, a phase III oral antihistamine compound for the treatment or prevention of allergic rhinitis.
Inspire generates revenue through profit splitting and royalty payments on its ophthalmologic disorder products Restasis and Elestat with Allergan. It also receives payments for the achievement of contractual milestones by its collaboration partners, which are recognized over the remaining period of its research and development (R&D) commitments under the relevant contracts. From the third quarter of 2007, we believe AzaSite should make a meaningful contribution to the company's top line. The company employs roughly 200 professionals.