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InSite Vision Reports Full Year and Fourth Quarter 2009 Financial Results

This week, InSite Vision Incorporated (OTCBB: INSV) reported financial results for the full year of 2009, and for the fourth quarter ended December 31, 2009.

“2009 was a year of steady performance by InSite Vision in which we executed against our strategic objectives,” said Louis Drapeau, InSite Vision’s Chief Executive Officer, in a prepared statement. “We begin 2010 in a solid cash position, having successfully conserved our financial assets. In addition, AzaSite sales are up through the efforts of our partner Inspire Pharmaceuticals and we have received our first royalty payment from Bausch & Lomb for Besivance.”

But revenue for the year ended December 31, 2009 was down compared to revenue for the year ended December 31, 2008. 2009 revenue was $9.8 million versus $13.7 million in 2008.

Net loss for the year ended December 31, 2009 was $14.2 million, or $0.15 per share, compared to a net loss of $21.3 million, or $0.23 per share, in 2008.

InSite Vision had cash, cash equivalents and short-term investments of $24.7 million at December 31, 2009. Total cash usage in 2009 was $12.7 million.

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