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InSite Vision posts $7.9 million in first-quarter revenue

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ALAMEDA, Calif. — InSite Vision reported $7.9 million in total revenue for the first quarter, compared with $929,000 for the first quarter of 2007, the company announced in a press release.

The majority of these proceeds reflect the amortization of the initial license fee and milestone payment received under the company's license agreement with Inspire Pharmaceuticals, including a royalty payment of $382,000 for first quarter sales of AzaSite (1% azithromycin ophthalmic solution), the release said.

InSite posted $970,000, or $0.01 per basic share, in first-quarter net income, compared with a net loss of $2.6 million, or $0.03 per share, for the first quarter of 2007.

Cash and cash equivalents, restricted cash and short-term investments totaled $61.8 million on March 31, compared with $11.6 million on Dec. 31.

"So far in 2008, we have expanded our ability to penetrate the $600 million international market for AzaSite by adding two additional partners, Biem in Turkey and Bioceutica for four countries in South America, bringing our total number of international distribution agreements to four," S. Kumar Chandrasekaran, PhD, InSite's chairman and chief executive officer, said in the release.