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InSite reports $6.6 million net loss in second quarter

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InSite Vision reported a net loss of $6.6 million, or $0.05 per share, in the second quarter compared with a net income of $37.1 million, or $0.28 per share, in the same quarter of 2014, according to a press release.

The 2014 income was attributed to a $36 million gain on extinguishment of AzaSite (azithromycin ophthalmic solution 1%) notes and a $6 million payment for the amendment of the AzaSite license agreement with Akorn, the release said.

Total revenue was $0.4 million in the second quarter compared with $6.3 million in the same quarter of 2014.

Research and development expenses were reported at $4.1 million in the second quarter compared with $2.5 million in the same quarter of 2014. The increase was primarily related to costs to file the BromSite (bromfenac 0.075% in DuraSite) new drug application with the FDA in June.