Shares in Inspire Pharmaceuticals (NASDAQ: ISPH) hit a 52-week high on Thursday after the drug development firm disclosed plans to continue to seek approval of a dry eye treatment.

Inspire said it has provided the Food and Drug Administration with “additional information” about diquafosol and that the FDA had granted Inspire a meeting in order to “continue discussions.”

In the statement, Inspire said it “expects to provide an update” on the drug by the end of February.

The news sent Inspire shares up 64 cents to a high of $6.96. Inspire ended the day at $6.88, up 56 cents. Its 52-week low is $3.92.

Analyst firm C.E. Unterberg Towbin also reiterated Inspire stock as a “buy” with a target price of $15 per share, according to RTTNews.

If diquafosol wins approval, it would be sold under the trade name Prolacria.

Inspire met with the FDA last September as part of continuing discussions to win approval.

"We believe our discussions with the FDA have been constructive but the overall program remains challenging and the outcome is uncertain,” Christy Shaffer, chief executive officer of Inspire, said at the time. Inspire also met with the FDA in March.

In December 2005, the FDA told Inspire that trial results had not demonstrated efficacy.

"The submitted clinical studies fail to demonstrate adequate replication of results for the efficacy endpoints and therefore are insufficient to establish efficacy,” the FDA wrote. “Based on our review of the submitted data, consistent findings of corneal clearing need to be demonstrated to support the efficacy of the drug product."