Losses mounted in 2004 at Inspire Pharmaceuticals even as it produced its first sales-related revenue.

Inspire (Nasdaq: ISPH) said Tuesday it lost $44.1 million, including $11.8 million or 29 cents per share, in the fourth quarter. It lost $31.4 million in 2003.

Revenues climbed to $11.1 million as it launched sales of the eye drugs Elestat and Restasis.

For details, see: www.inspirepharm.com