DURHAM, NC– Inspire Pharmaceuticals Inc. (NASDAQ: ISPH) has entered into a securities purchase agreement for the sale of $75 million of exchangeable preferred stock to Warburg Pincus, a leading global private equity investor.

The transaction was based on a price of $5.35 per common share and is expected to close this week. The company’s stock closed unchanged at $5.09 a share yesterday.

Inspire plans to use the proceeds from the financing to fund AzaSite commercialization and several Phase 3 development programs and for working capital and general corporate purposes.

In conjunction with the financing, Inspire also announced the appointment of Jonathan S. Leff, a managing director of Warburg Pincus, to Inspire’s Board of Directors, effective upon the closing of the transaction.

“We believe Inspire has an attractive portfolio of products and product candidates serving major unmet medical needs in ophthalmology and respiratory/allergy,” Leff said.

Inspire is a biopharmaceutical company discovering, developing and commercializing prescription pharmaceutical products in disease areas with significant commercial potential and unmet medical needs.

For more see: www.inspirepharm.com

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