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InSite Vision posts $5.8 million net loss for second quarter

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ALAMEDA, Calif. — InSite Vision reported a net loss of $5.8 million, or $0.06 per share for the second quarter, compared with a net income of $2.2 million, or $0.02 per share, during the same period in 2007, the company announced in a press release.

InSite primarily attributed the deficit to a decline in revenue caused by the amortization of an upfront license fee and milestone payment received in 2007 under the company's license agreement with Inspire Pharmaceuticals, the release said.

Second-quarter revenue totaled $3.3 million, compared with $6.6 million reported during the second quarter of 2007. Specifically, these proceeds included $800,000 in royalty revenue from Inspire for sales of AzaSite (1% azithromycin ophthalmic solution). The outstanding second-quarter revenue reflects the final amortization of the upfront license fee and milestone payment of $2.5 million honored under the company's license agreement with Inspire, as compared with $6.3 million tendered during last year's second quarter.

Cash, cash equivalents, restricted cash and short-term investments totaled $53 million on June 30, compared with $61.8 million on March 31, according to the release.