NEW YORK—Drug developer Inspire Pharmaceuticals Inc. said Friday it received a $1.3 million milestone payment for the dry eye treatment DE-089 from its Japanese partner Santen Pharmaceutical Co. Ltd.
Inspire said it received the payment because Santen completed a late-stage trial of the drug, also known as diquafosol tetrasodium.
Santen expects to file an application for DE-089 with Japanese regulators by the end of June.
The two companies have an agreement to develop the drug in Asia, with Santen responsible for marketing once approved.
In the United States, DE-089 is known as Prolacria. The Food and Drug Administration has on two occasions, December 2003 and December 2005, declined to approve the drug.
Share of Inspire closed Thursday at $3.49.
