This article is more than 5 years old. Information may no longer be current.
InSite Vision posts $8.6 million net loss for fourth quarter
Click Here to Manage Email Alerts
ALAMEDA, Calif. — InSite Vision reported a net loss of $8.6 million, or $0.09 per share, for the fourth quarter of 2008, compared with a net income of $2.4 million, or $0.03 per share, for the fourth quarter of 2007, the company announced in a press release.
Fourth-quarter revenue totaled $1.5 million, compared with $7.9 million reported during the same period the previous year. The majority of these proceeds reflect royalties from Inspire for sales of AzaSite (1% azithromycin ophthalmic solution), which rose 54% compared with third-quarter sales, driven by a 30% spike in prescriptions.
For the full-year 2008, InSite reported a net loss of $21.3 million, or $0.23 per share, compared with a net income of $5.5 million, or $0.06 per share, reported for 2007. The company primarily attributed this to less non-cash revenues from the amortization of the upfront payments from its license agreement with Inspire, as well as higher development costs incurred by the phase 3 clinical trial for AzaSite Plus (ISV-502), higher net interest expense due to the $60 million debt issuance and proxy/organizational restructuring costs.
For the full year, the InSite posted $13.7 million in total revenue, compared with $23.8 million in total revenue posted in 2007. Full-year revenue included $3.6 million in royalties from Inspire for sales of AzaSite, as well as $9.9 million of non-cash amortization of upfront and milestone payments from Inspire, according to the release.
In a separate press release, InSite reported that the NYSE Alternext has not accepted the plan the company filed in January regarding its intent to regain compliance with Sections 1003(a)(i) and (ii) of the exchange's company guide by June 15, 2010.
In its formal notification, the exchange said that InSite is no longer in compliance with its continued listing standards and that the company's common stock is subject to delisting from the exchange, the release said.
In addition, the exchange notified InSite that a reverse stock split is in order because InSite's common stock has been selling for a substantial period of time at a low per-share price.
InSite has appealed the decision and requested an oral hearing before a committee of the exchange, planned to be heard within the next 45 days.