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InSite Vision posts $8 million net loss for third quarter

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ALAMEDA, Calif. — InSite Vision reported a net loss of $8 million, or $0.08 per share, for the third quarter, compared with a net income of $3.6 million, or $0.04 per share, during the same period in 2007, the company announced in a press release.

Third-quarter revenue totaled $1 million, compared with $8.3 million reported during the third quarter of 2007.

InSite primarily attributed the differences to the non-cash amortization of the upfront license fee and milestone payment received in 2007 under the company's license agreement with Inspire Pharmaceuticals, the release said.

Cash, cash equivalents, restricted cash and short-term investments totaled $45.7 million on Sept. 30, compared with $53 million on June 30, according to the release.