Inspire Pharmaceuticals, which is pushing forward with a number of new drug development programs, is out to raise additional funds through a public offering of stock.
Inspire (Nasdaq: ISPH) announced before the markets this morning its intention to sell 4 million shares of common stock. The offering would raise more than $56 million based on today’s selling price.
Inspire stock traded at $13.60, down 46 cents, as of mid-morning.
Deutsche Bank Securities and US Bancorp Piper Jaffray are handling the offering and have the option of selling an additional 600,000 shares.
In a statement, Inspire said the funds would be used for clinical development and commercialization of its drug candidates as well as other research and development and general corporate purposes.