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InSite Vision reports $3.7 million net loss for second quarter
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ALAMEDA, Calif. - InSite Vision reported a downturn in revenue for the second quarter compared with the same quarter in 2008, according to a press release from the company.
Revenue totaled $1.9 million compared with $3.3 million in the second quarter 2008. Net loss for the quarter was $3.7 million, or $0.04 per share, compared with a net loss of $5.8 million, or $0.06 per share in the second quarter 2008, the release said.
Revenues included royalties from Inspire Pharmaceuticals of $1.5 million for sales of AzaSite (azithromycin ophthalmic solution), a topical treatment for bacterial conjunctivitis. AzaSite revenues totaled $0.8 million in the second quarter 2008.
Prescriptions for AzaSite rose 11% in the second quarter compared with the first quarter and 88% over the second quarter 2008, the release said.
Research and development expenses totaled $1.3 million, $0.9 million less than the first quarter and $3.7 million less than second quarter 2008. The spending reduction was attributed to completion of the phase 3 trial of ISV-502, the company's topical antibiotic/corticosteroid product for blepharitis.
Also during the second quarter, licensee Bausch & Lomb received approval for Besivance (besifloxacin ophthalmic suspension 0.6%) to treat bacterial conjunctivitis.