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InSite reports $4.8 million net loss in first quarter

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ALAMEDA, Calif. — First-quarter revenue decreased to $2.3 million for InSite Vision, compared with $3.1 million a year ago, while expenses increased to $5.7 million, compared with nearly $3 million a year ago, according to a press release.

This resulted in a quarterly net loss of $4.8 million, or $0.04 loss per share, compared with a loss of $2.4 million, or $0.03 loss per share, in the same quarter last year.

The loss in revenue was mostly related to a decrease in AzaSite (1% azithromycin ophthalmic solution) royalties from Merck, the release said.

“We continue to be disappointed in Merck’s commercialization results for AzaSite as our royalties are down significantly from a year ago,” Timothy Ruane, InSite’s CEO, said in the release. “We are in communications with Merck to identify and develop a strategy designed to restore AzaSite prescription growth as soon as possible.”

The increase in expenses was tied to the AzaSite Plus (ISV-502) and DexaSite (ISV-305) phase 3 DOUBle (Dual ophthalmic agents used in blepharitis) clinical trial, the release said.

InSite enrolled 515 patients in the study as of April 26, according to the release. It intends to enroll about 900 patients who have moderate to severe blepharitis in a four-arm trial to evaluate the efficacy and safety of both product candidates.