DURHAM, NC — The first full year of a selling partnership with Allergan produced substantial revenue growth for
Inspire Pharmaceuticals
(Nasdaq: ISPH).
Inspire reported 2005 revenues of $23.3 million, up from $11 million in 2004. Primary reasons are the partnership with Allergan for the eye drop drug Elestat ($16.8 million) and artificial tear drug Restasis ($6.5 million).
Helped by a $4.3 million reduction in research and development costs in the fourth quarter, Inspire cut its losses for 2005 to $7.1 million, or 17 cents. Losses the previous year were $11.8 million.
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