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InSite Vision increases losses in second quarter

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ALAMEDA, Calif. — InSite Vision reported a net loss of $4.2 million during the second quarter of 2005, an increase from the $1.5 million net loss reported during the second quarter of 2004, the company reported in a press release.

Research and development expenses increased from $1.4 million during the second quarter of 2004 to $3.1 million during the second quarter of 2005. The company attributed the increase in losses to additional spending on its AzaSite phase 3 clinical trial.

According to the press release, InSite expects to file a new drug application for AzaSite, an ocular anti-infective product, in early 2006. In early June the company received a patent from the European Patent Office covering the use of azalides in topical ocular infection treatments, which covers the company’s DuraSite and AzaSite treatments.

“In the glaucoma area, the company has continued to focus genomic research on the TIGR gene,” among others, the release noted. “A portion of this research has been incorporated into the company’s commercially available OcuGene glaucoma genetic test for disease management.”