Inspire Pharmaceuticals (Nasdaq: ISPH) is dropping development of an allergy drug to which it acquired rights in 2006.
Before the markets opened Wednesday, Inspire said the drug failed to meet the primary endpoint of the trial. The drug, a nasal spray, was intended as a treatment for seasonal allergic rhinitis.
Inspire licensed the drug from Boehringer Ingelheim International GmbH, which is based in Germany. Terms of the deal were not disclosed.
Inspire paid Boehringer Ingelheim an upfront license fee and agreed to fund development efforts and to pay royalties if the drug had been approved.
“Our analysis of the overall data in this program and the current competitive environment in allergic rhinitis indicate that epinastine nasal spray does not show potential to meet our desired product profile in the United States,” Christy Shaffer, Inspire’s chief executive officer, said in a statement.
“We do not plan to allocate any future resources to this program and will focus on our commercial products and progressing our high-priority development programs,” he added.