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InSite reports second quarter net income of $12.1 million

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After a loss of $6.8 million in the second quarter of 2012, InSite Vision has reported a net income of $12.1 million for the second quarter of 2013, according to a company news release.

The increase is largely attributable to InSite’s sale of royalty rights to Besivance (besifloxacin ophthalmic suspension 0.6%) for $15 million.

The funds realized from the sale will help InSite finance its second phase 3 clinical trial for BromSite, which combines 0.075% bromfenac with the proprietary DuraSite drug delivery system, CEO Timothy Ruane said in the release. The company intends to file a new drug application for the product in 2014.

Total revenue for the quarter ended June 30 was $19.2 million, compared to $1.8 million during the same period last year, the release said. Total expenses for the quarter dropped to $5.3 million from $6.3 million.

For the first 6 months of 2013, InSite reported a net income of $10.2 million, up from a loss of $11.6 million, on revenues of $24.5 million, up from $4.1 million during the same period last year.