August 09, 2013
1 min read
Save

InSite reports second quarter net income of $12.1 million

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com.

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.