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Inspire Pharma: Dry-Eye Treatment Didn't Meet Study Endpoints

DOW JONES NEWSWIRES Inspire Pharmaceuticals Inc. (ISPH) said its Prolacria treatment for dry eye met neither the primary nor secondary endpoints in a late-stage trial. Shares fell 7.5% to $6.11 premarket. Shares in its partner in developing the eye drops, Allergan Inc. (AGN), weren't active after closing Wednesday at $61.20. Early data about Prolacria had been discouraging, so the final results won't come as a huge surprise, but the treatment had been one of Inspire's most advanced drugs in its pipeline. Its other advanced drug candidate is denufosol tetrasodium for cystic fibrosis. Inspire focuses on developing treatments for ophthalmic and pulmonary diseases. Chief Executive Christy Shaffer said Inspire has reported the results to Allergan and "will be conducting a thorough review of the program before determining next steps, if any." At the end of the six-week study, Inspire gauged subjects extent of dry eye with a "staining score," in which patterns made by a stain are used to measure damaged cells in the central area of the cornea. It aimed to have a proportion of its subjects receiving Prolacria have a staining score of zero compared to a placebo group, its primary endpoint. It also failed to reduce the staining score by two units compared to the control group, the secondary endpoint. Dry eye occurs when the eye isn't being sufficiently lubricated. In November, the drug company reported a narrower third-quarter loss thanks to double-digit growth in sales. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Allergan (AGN)
DateTimeHeadline
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08/14/201410:00:08U.S. Hot Stocks: Hot Stocks to Watch
08/13/201418:10:31Allergan Acquires Taris Holdings' Lead Program
07/21/201415:44:16Allergan to Lay Off 13% of Workforce, Cut Drug Research -- 3rd...
07/21/201409:59:43U.S. Hot Stock Futures: Hot Stocks to Watch
07/21/201407:57:43Valeant Pharmaceuticals Complains to SEC Over Allergan Claims...
07/07/201414:00:26Pershing Proposes Six Directors for Allergan Board
07/02/201415:32:44Pershing Square Hedge Fund Ends First Half Up 25%
07/01/201414:39:11Pershing Square Hires Credit Suisse as Banker in Allergan Campaign...
06/18/201418:01:22Asian Morning Briefing: U.S. Stocks Rally
06/17/201409:09:22Valeant to Launch Exchange Offer This Week to Allergan Shareholders...
06/16/201421:23:19Allergan's Bitter Pill for Morgan Stanley
06/13/201408:08:46Pershing Files Suit Against Allergan -- 2nd Update
06/13/201407:19:22Pershing Capital Files Suit Against Allergan -- Update
06/10/201416:41:13Allergan Rejects Valeant's Latest Takeover Bid -- 4th Update
06/10/201416:36:52Allergan Rejects Valeant's Latest Takeover Bid -- 3rd Update
06/10/201416:29:53Allergan Rejects Valeant's Latest Takeover Bid -- Update
06/09/201421:18:47Netflix Shareholders Vote Down Chairman/CEO Split Proposal
06/02/201416:54:18MARKET SNAPSHOT: U.S. Stocks Inch Up; S&P 500, Dow At Record

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