From Wire Reports

RALEIGH, N.C. – Inspire Pharmaceuticals (Nasdaq: ISPH) said Thursday that it would drop the development of its cystic fibrosis drug and cut about 27 percent of its workforce related to the drug’s development.

Inspire’s cystic fibrosis drug, denufosol, failed in a late-stage study last month and the company said an assessment of the full data set suggested it would be prudent to focus on its core eye-care business.

The job cut would affect about 65 positions and lead to a restructuring charge of $10 to $13 million in the first quarter. Inspire expects the job cuts to save more than $40 million in 2011.

Cystic fibrosis is an inherited chronic disease that affects the lungs and digestive systems of about 70,000 people worldwide, according to the Cystic Fibrosis Foundation.

Separately, the company also posted a smaller-than-expected loss for the fourth quarter.

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