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Quarterly net loss increases for InSite Vision

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ALAMEDA, Calif. — A decrease in royalties and an increase in research and development led to a net loss of $3.2 million for the fourth quarter ended Dec. 31, InSite Vision reported in a press release. The company lost $1.9 million in the same quarter the previous year.

For the fiscal year ended Dec. 31, InSite reported a net loss of $6.9 million, down from $9.6 million the previous year.

In the quarter, royalty revenues fell by $800,000, largely because of a decrease in AzaSite (azithromycin ophthalmic solution 1%) royalties from Merck, the release said. The company also more than doubled its quarterly research and development expenses due to the phase 3 DOUBle AzaSite Plus/DexaSite clinical trial.

The company will soon begin phase 3 testing for BromSite (bromfenac 0.075%) for post-surgical inflammation, according to the release.

"We made significant strides in 2011 to position InSite Vision as a leading global developer of innovative ophthalmic therapeutics for front-of-eye conditions," Timothy Ruane, InSite's CEO, said in the release. "All our 2012 clinical and regulatory efforts are focused toward the goal of facilitating multiple new drug applications in 2013."