InSite Vision narrows loss, records $2.5 million in revenue for second quarter

ALAMEDA, Calif. — InSite Vision reported a net loss of $2.5 million, or $0.03 per share, for the second quarter of 2010, compared with a net loss of $3.7 million, or $0.04 per share, recorded during the second quarter of 2009, the company announced in a press release.

Second-quarter revenues — including royalties from sales of AzaSite (azithromycin ophthalmic solution 1%) by Inspire Pharmaceuticals and product sales of Besivance (besifloxacin ophthalmic suspension 0.6%) by Bausch + Lomb — totaled $2.5 million, up from $1.9 million for the same period last year. In addition, revenues included fees stemming from the amortization and recognition of international license fee payments for AzaSite by Inspire.

Insite also announced plans to launch a phase1/2 trial of ISV-303, its topical anti-inflammatory product candidate that combines a low-dose concentration of bromfenac in it proprietary DuraSite drug delivery vehicle, during the third quarter of 2010.

"At the same time, we are making important strides in the planning of a phase 3 clinical program for ISV-502 and ISV-305 for blepharitis, and believe that our approach in working closely with the FDA will enable us to reduce risks while efficiently obtaining efficacy data on two products," Louis Drapeau, CEO of InSite, said in the release.

As of June 30, InSite Vision had $20.2 million in cash, cash equivalents and short-term investments.

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