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InSite quarterly revenue increases due to Nicox license agreement payment

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InSite Vision reported $3.4 million in revenues in the first quarter 2015, an increase from $1.2 million in the first quarter of the previous year, according to a press release.

The increase was attributed to a $3 million payment from a license agreement with Nicox to develop and commercialize AzaSite (1% azithromycin), AzaSite Xtra (2% azithromycin) and BromSite (0.075% bromfenac) in Europe, the Middle East and Africa, the release said.

Net loss totaled $0.8 million, or $0.01 per share, for the quarter compared with a net loss of $4.7 million, or $0.04 per share, in the first quarter 2014.

Quarterly research and development expenses were $2.1 million vs. $2.5 million the previous year. Total expenses were $3.9 million, a decrease from $4.6 million.