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InSite Vision narrows loss for fourth quarter, full year

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ALAMEDA, Calif. — InSite Vision reported a net loss of $2 million, or $0.02 per share, for the fourth quarter, compared with a net loss of $8.6 million, or $0.09 per share, for the fourth quarter of 2008, the company announced in a press release.

Fourth-quarter revenue totaled $3.5 million, compared with $1.5 million reported the prior year, led by a 67% increase in revenue of AzaSite (1% azithromycin ophthalmic solution) as well as a rise in the royalty rate paid to InSite from Inspire for sales of the drug, according to the release.

For the full-year 2009, InSite posted a net loss of $14.2 million, or $0.15 per share, compared with a net loss of $21.3 million, or $0.23 per share, for 2008.

Full-year revenue, which also benefited from the royalty rate hike paid by Inspire for sales of AzaSite, totaled $9.8 million, compared with $13.7 million for 2008. Full-year revenue included a total of $8 million in royalties from Inspire, the release said.

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