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Inspire Raises $9.9m More After Ipo

BT Catalyst, Oct, 2000

Inspire Pharmaceuticals Inc. (Nasdaq: ISPH) of Durham has raised an additional $9.9 million over the $66 million raised during its initial public offering of common stock in August.

The additional funds are the result of an overallotment option exercised by the underwriters of the IPO. The underwriters purchased an additional 825,000 shares at a price of $12 per share, bringing the total shares of Inspire common stock offered and sold to 6,325,000.

Chase H&Q of Baltimore, U.S. Bancorp Piper Jaffray of Minneapolis, Minn., and Deutsche Banc Alex. Brown, a subsidiary of Deutsche Bank of Frankfurt, Germany, were the underwriters for the offering.

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Inspire discovers and develops new drugs to treat diseases characterized by deficiencies in the body's innate defense mechanisms. The company currently has three product candidates in advanced clinical development.

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