UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) February 15, 2007
INSPIRE PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 000-31135 04-3209022
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
4222 Emperor Boulevard, Suite 200, Durham, North Carolina 27703-8466
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (919) 941-9777
_____________________________________________
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On February 15, 2007, the Board of Directors of Inspire Pharmaceuticals, Inc. ("Inspire") approved the promotion of Benjamin R. Yerxa, Ph.D. to the position of Chief Scientific Officer and Executive Vice President of Strategic Operations, and the promotion of Joseph K. Schachle to the position of Executive Vice President and Chief, Commercial Operations, with increases to the base salaries of such executive officers to $300,000, effective February 16, 2007, in relation to such promotions.
On the same date, the Compensation Committee of the Board of Directors of Inspire approved the award of cash bonuses to be paid to the following executive officers of Inspire in connection with the negotiation and execution by Inspire and InSite Vision Incorporated of a license agreement dated February 15, 2007, pursuant to which Inspire received exclusive rights to commercialize AzaSite™, a topical anti-infective product candidate for the treatment of bacterial conjunctivitis:
Officer Bonus
R. Kim Brazzell, Ph.D.,
Senior Vice President,
Ophthalmic Research and Development $10,000
Thomas R. Staab II,
Chief Financial Officer and Treasurer $5,000
Joseph M. Spagnardi,
Senior Vice President, General Counsel and Secretary $5,000
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Inspire Pharmaceuticals, Inc.
By:/s/ Christy L. Shaffer
Christy L. Shaffer,
President and Chief Executive Officer
Dated: February 20, 2007
