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InSite Vision reports loss in third quarter

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ALAMEDA, Calif. — InSite Vision reported a net loss for the third quarter of 2004 of $3.3 million, compared with a net loss of $1.5 million in the third quarter of 2003, the company announced in a press release.

The company attributed the increase in loss to research and development expenses, which increased to $2.6 million during the quarter from $800,000 in the year-ago quarter. The company noted that it initiated two pivotal phase 3 trials of its product AzaSite during the quarter. AzaSite contains the drug azithromycin formulated with DuraSite, the company’s drug-delivery vehicle.

The two trials are expected to enroll 1,300 patients nationwide, InSite said in the release. According to the company, AzaSite is the first ophthalmic application of azithromycin, a broad-spectrum antibiotic. Two clinical endpoints will be measured during the phase 3 trials: clinical cure and microbiological eradication.

InSite expects to launch AzaSite in the United States some time in 2006, according to the release.

The company currently markets the OcuGene genetic test for glaucoma disease management.