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InSite Vision reports $3.1 million in total revenue for quarter

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ALAMEDA, Calif. — InSite Vision reported $3.1 million in total revenue for the second quarter, up from $2.4 million reported in the second quarter of 2010, the company announced in a news release.

Net loss for the second quarter totaled $2.8 million, or $0.03 per share, compared with a net loss of $2.4 million, also $0.03 per share, in the second quarter of 2010.

Research and development expenses totaled $1.4 million, up nearly $400,000 from the second quarter 2010. The increase was spurred by phase 1/2 clinical trial costs for ISV-303 and costs related to the launch of the Double study, a phase 3 clinical trial to evaluate AzaSite Plus (ISV-502) and DexaSite (ISV-305) for blepharitis, according to the release.

Royalty revenues totaled $2.9 million, up $0.4 million from the second quarter of 2010.

Royalties for AzaSite (azithromycin ophthalmic solution 1%) increased by 10% over the second quarter of 2010. AzaSite is marketed by Merck & Co. in the United States for the treatment of bacterial conjunctivitis.

Royalties for Besivance (besifloxacin ophthalmic suspension 0.6%) totaled $200,000. Besivance is marketed by Bausch + Lomb for bacterial conjunctivitis.