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| Inspire Pharmaceuticals, Inc. |
| 4222 Emperor Boulevard, Suite 470, Durham, NC 27703 * (919) 941-9777 |
| Business Description | The company discovers and develop novel pharmaceutical products to treat diseases characterized by deficiencies in the body's innate defense mechanisms of mucosal hydration and mucociliary clearance. Our products are based on our proprietary technology platform relating to P2Y receptors. |
| Offering Information Company has | |||
| Trading As | ISPH (NASNTL) | Industry | Pharmaceutical (SIC 2834) |
| Type of Stock Offered | Common Shares | Filing Date | 2/25/00 |
| Domestic Shares Offered | 5,500,000 | Offer Date | 8/2/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 5,500,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $66,000,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 24,500,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| U.S. Bancorp Piper Jaffray | Co-manager | (612) 342-6220 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | ||||
| Revenues | - | - | 0.000 | 3.600 | 0.600 | - | - |
| Income from Oper. | - | - | -8.064 | -3.774 | -8.557 | - | - |
| Net Income | - | - | -7.947 | -4.098 | -8.474 | - | - |
| E.P.S | - | - | -2.290 | -1.140 | -2.020 | - | - |
| Revenue Growth (%) | - | - | - | -83.333 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -20.67 | - | - | ||||
| Cash Flow - Inv. | -1.38 | - | - | ||||
| Cash Flow - Fin. | 44.78 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/99 | Financial Ratios | ||||
| Total Assets | 23.93 | Current Assets | 22.88 | Current Ratio | 15.33 |
| Total Liab. | 6.85 | Current Liab. | 1.49 | Debt Ratio | 28.62% |
| Total Equity | 17.08 | Working Cap. | 21.39 | Debt to Equity Ratio | 0.40 |
| Cash | 22.73 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for clinical development, product commercialization, discovery research, preclinical activities, working capital general corporate purposes and possible future acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Smith, Stratton, Wise, Heher & Brennan |
| Bank's Law Firm | Coudert Brothers |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Polaris Venture Partners | ||
| NMT New Medical Technologies Innovation Center | ||
| Medical Science Partners | ||
| InterWest Partners VII,L.C. | ||
| Genentech, Inc. | ||
| Domain Associates, L.L.C. | ||
| Benefit Capital Management | ||
| Alta V Limited Partnership | ||
| Note: represents ownership of 5% or more prior to the offering. | ||