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InSite Vision narrows losses
ALAMEDA, Calif. – InSite Vision reported a net loss of $5.5 million in 2004, down from $7 million in losses in 2003, the company announced in a press release. Net loss for the year included recognition of $4.6 million in deferred gain on the sale of assets related to the sale of ISV-403 to Bausch & Lomb, the press release said.
Net revenues for 2004 were $542,000, compared with $134,000 in 2003, the release noted.
InSite said patient enrollment in a pivotal phase 3 trial of its azithromycin vehicle, AzaSite, is at the midway point. AzaSite is the first ophthalmic application for the broad-spectrum antibiotic. The company said during the upcoming months it will open an additional 25 clinical trial sites in Latin America.
InSite said it expects to launch AzaSite some time in 2006.