Inspire Pharmaceuticals completed a $12.4 million private placement of preferred stock in its third round financing led by New Medical Technologies of Switzerland and Calif.-based InterWest Partners. Funds raised in this round of financing will be used to accelerate clinical development programs and to advance several new compounds across a range of therapeutic targets. Durham-based Inspire has raised a substantial amount of venture capital, totaling $32.5 million after the latest funding. DBusiness.com reports that an initial public offering of stock is expected to be issued sometime in 2001.
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