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InSite Vision increases first quarter income

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ALAMEDA, Calif. — The net income for InSite Vision Inc. totaled $2.4 million for the first quarter 2004, compared to a net loss of $2.3 million during the same quarter 1 year ago, according to a company press release.

The company’s earnings reflect a $3.5 million deferred gain from the sale of its ISV-403 drug candidate to Bausch & Lomb last December, the press release said. At the close of the quarter on March 31, the company reported that cash and cash equivalents were $1.5 million, an increase from $1 million at the close of the 2003 financial year on December 31.

In the press release, S. Kumar Chandrasekaran, PhD, chief executive officer of InSite Vision, said the company is continuing to advance development of its ocular infection drug, ISV-401, and expects to initiate two phase 3 trials later this year. However, he noted, the trials are contingent upon shareholder approval of proposed financing.

“Our intent is to complete both ISV-401 phase 3 trials by the middle of 2005, and to file [a new drug application] in the second half of the same year,” he said in the release.