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InSite Vision Posts First Quarter Results

InSite Vision reported quarterly financial results this week. (Google Street View)

InSite Vision reported quarterly financial results this week. (Google Street View)

InSite Vision of Alameda reported first quarter results earlier this week, for the quarter ended March 31, 2013.

Revenue for the quarter was $5.3 million compared to $2.3 million for the same period last year. The company realized a net loss of $1.9 million, or $0.01 per share, compared to $4.8 milion or $0.04 per share, in the first quarter of the previous year.

In a prepared statement, Timothy Ruane, InSite’s Chief Executive Officer, said, “In March, we reported positive top-line results from our first pivotal study of BromSite to treat ocular inflammation and pain following cataract surgery, a market that we believe provides a significant growth opportunity due to an increasing aging population. In addition, we expect to report Phase 3 data from our DOUBle study product candidates, AzaSite Plus and DexaSite, late in the second quarter or early in the third quarter of 2013.”

The company develops new opthalmologic products for unmet eye care health needs.

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