More good drug development news meant more interest in Inspire stock on Wednesday.
Inspire Pharmaceuticals (Nasdaq: ISPH) announced what it called “encouraging and supportive results” from a Phase IIIb study of diquafosol for the treatment of dry eye, and the reaction was quick.
The news sent shares of ISPH up almost 20 percent to close at $14.10 for the day, an increase of $2.25 over the previous day’s close of $11.85. The 52-week high for the stock is $16.35.
Inspire says the exploratory study included assessments from both a conventional environmental component and an experimental control chamber designed to exacerbate dry eye.
The study was a four-week, placebo-controlled, double-masked comparison of the safety and efficacy of 2 percent diquafosol tetrasodium ophthalmic eye drops to placebo, administered four times daily in 222 dry eye patients.
In this study, as in previous studies, Inspire says its diquafosol was well tolerated, with the incidence of adverse events similar to placebo. There were no treatment-related serious adverse events reported.
Inspire submitted a New Drug Application for diquafosol June 27. Data from the study will be submitted to the Food and Drug Administration as part of the 120-day safety update.
On July 31, the FDA granted priority review to the drug company’s treatment for dry eye, a condition that affects about 10 million Americans.
Inspire: www.inspirepharm.com
