InSite reports $5.1 million net income for quarter

InSite Vision reported $12.1 million in total revenues for the third quarter, resulting in a quarterly net income of $5.1 million, according to a company press release.

During the same period in 2011, InSite reported $6.6 million in revenues for a net income of $1.5 million.

“InSite achieved important progress across our multiple late-stage product candidates during the third quarter,” CEO Tim Ruane said in the release. “We completed enrollment of the phase 3 DOUBle clinical study of AzaSite Plus and DexaSite for the treatment of blepharitis and initiated our phase 3 clinical trial of BromSite for postsurgical pain and inflammation. In addition, we debuted our new DuraSite 2 ophthalmic drug delivery platform.”

In August, InSite and Merck amended payment terms for the AzaSite (azithromycin ophthalmic solution 1%) license agreement, which will now require Merck to pay InSite each quarter the higher of the pro rata annual minimum royalty or the earned royalty for 2012 and 2013.

Based on the agreement, Merck paid InSite a $7.3 million catch-up payment for the difference between the earned royalties already paid for the fourth quarter of 2011 and the first and second quarters of 2012, and the pro rata annual minimum royalties for those quarters.

In the first three quarters of 2012, InSite reported a net loss of $6.5 million. In the same period in 2011, the company reported a net loss of $3.7 million.