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InSite reports net loss for first quarter

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ALAMEDA, Calif. — InSite Vision had a net loss of $3.4 million in the first quarter of 2005 compared with a net income of $2.4 million during the first quarter of 2004, the company announced in a press release.

The company attributed the reversal to increased spending on research and development, which rose from $900,000 in the first quarter of 2004 to $2.3 million during this year’s first quarter. The increase was earmarked for the initiation of InSite’s phase 3 trial for AzaSite, a drug delivery vehicle containing azithromycin.

Currently, InSite has enrolled more than 50% of the planned number of trial participants in its two ongoing pivotal phase 3 studies of AzaSite, according to the press release.

Pending completion of the trials and regulatory approval, InSite expects to launch AzaSite during the second half of 2006, the release said.