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InSite’s net losses increased for third quarter

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ALAMEDA, Calif. — InSite Vision reported a net loss of $3.5 million for the third quarter of 2005, compared with a net loss of $3.3 million for the third quarter of last year. The company announced its financial results for the quarter in a press release.

Research and development expenses increased to $2.7 million from $2.6 million in the same quarter last year. The company said the increase in expenses reflected costs associated with phase 3 clinical trials for AzaSite (azithromycin 1% solution in the DuraSite delivery system) and with preparation of a related new drug application.

InSite said the company is on track to submit the application to U.S. regulators in early 2006. InSite said it expects to report results from a head-to-head comparison between AzaSite and tobramycin 0.3% by the end of November. A second study that is nearing completion is comparing AzaSite to placebo, the company said.