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InSite Vision reports $2.2 million in second quarter income

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ALAMEDA, Calif. — InSite Vision reported $2.2 million, or $0.02 per share, in net income for the second quarter, up from a net loss of $5.1 million for the second quarter of 2006, according to a press release from the company.

The company attributes the improved performance primarily to recognition of deferred revenue related to licensing of AzaSite (azithromycin 1%) to Inspire Pharmaceuticals and an associated milestone payment received after the U.S. Food and Drug Administration approved the drug in April, the release said.

For the second quarter, research and development expenses totaled $2.1 million, compared with $2.8 million for the second quarter 2006. Selling, general and administrative expenses totaled $2.1 million, compared with $1.7 million for the same quarter of last year.

For the first 6 months of 2007, the company experienced a net loss of $416,000, compared with a net loss of $10.5 million for the first half of 2006. Research and development expenses also decreased and totaled $3.9 million, compared with $6 million for the first half of 2006, the release said.