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InSite Vision increases revenue for fourth quarter, full year

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ALAMEDA, Calif. — InSite Vision reported total revenues of $3.9 million for the fourth quarter of 2010, compared with $3.5 million for the fourth quarter of 2009, according to a press release from the company.

A 9% increase in net sales of AzaSite (1% azithromycin ophthalmic solution, Inspire Pharmaceuticals) and a subsequent royalty increase from Inspire to InSite generated the most revenue for the fourth quarter. The company also received $0.5 million of grant income from the U.S. federal government's Therapeutic Discovery Program in the fourth quarter, according to the release.

InSite reported a fourth-quarter net loss of $1.9 million, or $0.02 per share, which was similar to the net loss of $2 million, or $0.02 per share, reported in 2009.

For the full year, InSite posted total revenues of $11.9 million compared to $9.8 million in 2009. The increase was driven by a 22% increase in net sales for AzaSite, as well as a rise in royalty rate.

In addition, Besivance (0.6% besifloxacin ophthalmic solution) contributed $0.5 million in royalties in the first full year after its launch, the release said.

The full-year net loss was $9.6 million, or $0.10 per share, compared to a net loss of $14.2 million, or $0.15 per share, in 2009.

"2010 was a year in which we set the stage to execute across all our programs, and we believe we are poised for significant achievements as we advance our portfolio of ophthalmic pharmaceuticals through the clinic," Timothy Ruane, InSite CEO, said in the release.