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InSite Vision reduces net loss in third quarter

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ALAMEDA, Calif. — InSite Vision Inc. experienced a net loss of $3.3 million, or $0.04 per share, for the third quarter of 2006, an improvement compared to its net loss of $3.5 million for the third quarter of 2005, the company announced in a press release.

Research and development costs for the third quarter of 2006 decreased to $1.7 million from $2.5 million for the third quarter 2005. Selling, general and administrative costs for the third quarter 2006 increased to $1.4 million from $1 million for the third quarter of last year, according to the release.

The company reported cash and cash equivalents of $3.7 million. InSite officials believe the company has sufficient liquidity to fund operations through December, according to the press release.