May 29, 2013
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InSite reports $1.92 million net loss for quarter

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InSite Vision reported a net loss of $1.92 million in the first quarter, compared with a loss of $4.85 million in the same quarter of the previous year, according to a company news release.

Revenues more than doubled to $5.26 million from $2.27 million a year ago, while expenses fell to $4.91 million from $5.69 million.

The improved net loss was largely due to an increase in the minimum royalty payment from Merck related to the sales of AzaSite (azithromycin ophthalmic solution), according to the release.

InSite plans to announce results from its phase 3 DOUBle study of AzaSite Plus (dexamethasone 0.1% and azithromycin 1% in DuraSite) and DexaSite (dexamethasone 0.1% in DuraSite) late in the second quarter or early in the third quarter, the release said.