As previously announced, the initial analysis of the INSPIRE study indicated the study has met its primary endpoint of safety and tolerability of LIQ861 at the two-month timepoint. Results from the INSPIRE study indicates that the 75 mcg capsule strength of LIQ861 (single capsule, 1-2 breaths) correlates with the 54 mcg dose of Tyvaso® (9 breaths), the maximum recommended label dose of Tyvaso®. INSPIRE also included a one-directional, crossover sub-study to assess the comparable bioavailability and pharmacokinetics (PK) of single doses of LIQ861 and Tyvaso in 18 PAH patients. The company targets NDA submission in late 2019 that will include additional data generated from ongoing development activities. Analysis of the data from the PK sub-study in patients showed variability in systemic plasma levels of both LIQ861 and Tyvaso, which is believed to be attributed to variation in severity of disease and has been seen in prior studies of treprostinil in patients. To more accurately characterize the PK of LIQ861, Liquidia conducted an additional PK study in healthy volunteers. Post-hoc analysis showed that plasma levels of treprostinil were tightly correlated to the LIQ861 dose delivered. The company is continuing work to supplement the PK data set of LIQ861 and to further assess and minimize the variability in dosing levels, which Liquidia believes may be due to the administration technique by some healthy volunteers in the additional study. The company targets a pre-NDA meeting early in the fourth quarter followed by NDA submission in late 2019. Lewis J. Rubin, MD, FACP, FCCP, FAHA, FRCP, Professor of Medicine, Emeritus and former Director of the Division of Pulmonary and Critical Care Medicine at the University of California, San Diego School of Medicine, and Adjunct Professor of Medicine at Columbia University College of Physicians and Surgeons, and a senior advisor to the LIQ861 program, stated: “I am very encouraged by the LIQ861 clinical results and believe it could be an important treatment option for PAH patients. Clinical observations, including the Tyvaso Transition group having continued on LIQ861 at a high rate, suggest that LIQ861 is being dosed at therapeutic levels.”