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InSite reduced net losses in second quarter of 2004

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ALAMEDA, Calif. — InSite Vision reported net losses for the second quarter of 2004 of $1.5 million, down from net losses of $1.9 million in the second quarter of 2003, the company announced in a press release.

For the first 6 months of 2004, the company’s net income was $901,000, attributed to a $4.6 million deferred gain from sale of the company’s ISV-403 drug candidate to Bausch & Lomb. ISV-403 is in development for the treatment of ocular infections.

The company increased its research and development spending to $1.4 million during the quarter in preparation for a phase 3 trial of its antibiotic AzaSite (azithromycin and the company’s DuraSite drug-delivery vehicle).

According to the InSite release, AzaSite is the first ophthalmic application of azithromycin, currently approved in the United States for a variety of bacterial infections. Barring unforeseen circumstances, InSite projects a U.S. launch of AzaSite in 2006.