Inspire raised $42.3 million through the sale of 2.5 million shares of stock this week, the company said Tuesday.

News of the sale and stock offering also helped Inspire (Nasdaq: ISPH) set a 52-week high of $19.10 on Tuesday. The stock faded later in the day to close at $18.50, up 22 cents.

Deutsche Bank Securities handled the stock sale for Inspire and received an allotment of 330,000 shares. Shares were sold at $17.10 each.

Also, an executive at Inspire has received an industry innovation award from the Southeastern Region American Chemical Society.

Benjamin Yerxa, senior vice president for discovery at Inspire, was recognized for his work in helping develop Inspire’s treatment for dry eye. Yerxa is listed as lead inventor of four of Inspire’s patents.

Yerxa was named to his current position in March of 2003. He has worked with Inspire since 1995. Yerxa received a PhD in organic chemistry from the University of California, Irvine, in 1993.

Inspire: www.inspirepharm.com