<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001428124</cik>
        <entityName>INSPIRATION BIOPHARMACEUTICALS INC</entityName>
        <issuerAddress>
            <street1>28202 CABOT ROAD</street1>
            <street2>SUITE 300</street2>
            <city>LAGUNA NIGUEL</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>92677</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>888-808-0896</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>The Christmas Consortium, LLC</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>R.</middleName>
                <lastName>Taylor</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>45 East 89th Street Apt. 40E</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10128</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-Founder of Inspiration Biopharmaceuticals, Inc., and Chairman of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>D.</middleName>
                <lastName>Martin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5621 Tupper Lake Drive</street1>
                <city>Houston</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>77056</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-Founder of Inspiration Biopharmaceuticals, Inc., and Member of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>J.</middleName>
                <lastName>Giffith</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>28761 via Buena Vista</street1>
                <city>San Juan Capistrano</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92675</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President and Chief Executive Officer of Inspiration Bipharmaceuticals, Inc., and Member of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gordon</firstName>
                <middleName>H.</middleName>
                <lastName>Busenbark</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>22 Field</street1>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92620</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Finanacial Officer, Secretary, and Treasurer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Barry</firstName>
                <middleName>R.</middleName>
                <lastName>Frankel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>11 West 42nd Street, 3rd Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephen</firstName>
                <middleName>R.</middleName>
                <lastName>Evans-Freke</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6501 Red Hook Plaza</street1>
                <street2>Suite 201</street2>
                <city>Saint Thomas</city>
                <stateOrCountry>VI</stateOrCountry>
                <stateOrCountryDescription>VIRGIN ISLANDS, U.S.</stateOrCountryDescription>
                <zipCode>00802</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <lastName>Grethlein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>60 Agnes Street</street1>
                <city>Oakland</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94618-2523</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operating Officer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gerard</firstName>
                <lastName>Picot</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>65, quai Georges Gorse</street1>
                <city>Boulogne Billancourt</city>
                <stateOrCountry>I0</stateOrCountry>
                <stateOrCountryDescription>FRANCE</stateOrCountryDescription>
                <zipCode>F-92650</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Karen</firstName>
                <lastName>Dawes</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>138 Vintage Isle Lane</street1>
                <city>Palm Beach Gardens</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33418</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Biotechnology</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001428124-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-10-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isDebtType>true</isDebtType>
            <isOptionToAcquireType>true</isOptionToAcquireType>
            <isSecurityToBeAcquiredType>true</isSecurityToBeAcquiredType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse>A business combination transaction is not imminent but may arise in connection with this offering.</clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>435346</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Healthios, Inc.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1101 Skokie Blvd., Ste 240</street1>
                    <city>Northbrook</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60062</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>371640674</totalOfferingAmount>
            <totalAmountSold>247640946</totalAmountSold>
            <totalRemaining>123999728</totalRemaining>
            <clarificationOfResponse>Total Offering includes: 1 new outside equity investment, 2 non-equity exchanged for equity, 3 exchange of previous equity for new series of equity, 4 partial equity commission payment, 5 potential future milestone based notes convertible into equity.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>4</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>5935346</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The total value of the Sales Commission includes both cash and equity components.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>1208200</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The estimate reflects the proposed annual salary made by Inspiration Biopharmaceuticals, Inc., to the salaried individuals identified in Item 3.  There will alsobe, however, reimbursement and compensation paid to Directors for Board Meeting attendance.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>INSPIRATION BIOPHARMACEUTICALS INC</issuerName>
                <signatureName>Gordon H. Busenbark</signatureName>
                <nameOfSigner>Gordon H. Busenbark</nameOfSigner>
                <signatureTitle>Chief Financial Officer, Secretary, and Treasurer</signatureTitle>
                <signatureDate>2011-03-29</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
