Inspire cutting 27%, dropping denufosol
Inspire Pharmaceuticals Inc. (NASDAQ:ISPH) will reduce its headcount by 65 (27%) and discontinue its pulmonary program, including cystic fibrosis (CF) candidate denufosol. In January, the second-generation P2Y2 receptor agonist missed the primary endpoint in the Phase III TIGER-2 trial. The headcount reductions represent 45% of Inspire's non-sales force headcount and primarily affect R&D, manufacturing and technical operations, and general and administrative. Inspire expects the restructuring to save more than $40 million in 2011.
Inspire's pipeline now consists entirely of ophthalmic products, the most advanced of which is AzaSite 1% azithromycin ophthalmic solution in Phase II testing for blepharitis. Inspire markets the drug for bacterial conjunctivitis. Inspire has North American rights to AzaSite from InSite Vision Inc. (OTCBB:INSV). Inspire also co-promotes allergic conjunctivitis drug Elestat epinastine with Allergan Inc. (NYSE:AGN). ...