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Alameda’s InSite Vision Reports 2012 Financial Results

InSite Vision reported full-year financial results yesterday. (Google Street View)

InSite Vision reported full-year financial results yesterday. (Google Street View)

Alameda’s InSite vision reported fourth quarter and full-year 2012 financial results yesterday. Revenues for the year ended December 31, 2012 were $21.6 million compared to $15.9 million in 2011.

The company still realized a net loss, however, recording an $8.3 million net loss for 2012, or $0.06 per share, compared to a $6.9 million, or $0.06 per share net loss in 2011.

Fourth quarter revenues were up from the prior year, at $5.4 million in 2012 compared to $3.1 million in 2011. Net loss for the fourth quarter was trimmed to $1.8 million from $3.2 million in the fourth quarter of 2011.

“InSite continues to advance its portfolio of innovative ophthalmic therapeutics for front-of-eye conditions. In 2012, we completed enrollment in two Phase 3 clinical studies – our DOUBle trial of AzaSite Plus and DexaSite for the treatment of blepharitis, and our Phase 3 clinical trial of BromSite for post-surgical pain and inflammation,” said Timothy Ruane, InSite’s Chief Executive Officer. “We look forward to announcing the results from these pivotal studies as we work with U.S. and EU regulatory agencies in 2013 to complete the necessary requirements for marketing approvals. In addition, we are actively building on our core competencies as we explore the potential for InSite’s DuraSite 2 platform to optimize the treatment of a number of ophthalmic conditions.”

InSite Vision develops ophthalmologic products that extend the duration of drug retention on the surface of the eye.

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