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InSite Vision Quarterly Revenue Down from Year-ago

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

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

Alameda-based InSite Vision, an producer of ey care product and technology, released first quarter 2014 financial results this week.

Total company revenue for the first quarter of 2014, which ended March 31, were $1.2 million compared to $5.3 million for the same period in 2013.

InSite realized a net loss for the quarter of $4.7 million, or $0.04 per share, compared to a net loss of $1.9 million, or $0.01 per share, for the same quarter in 2013.

As of March 31, 2014, cash, cash equivalents and short-term investments on the balance sheet totaled $5.4 million.

“With the completion of our Phase 3 clinical studies for AzaSite Plus and DexaSite in blepharitis and BromSite in post-cataract surgery, we see a number of promising opportunities ahead,” said Timothy Ruane, InSite’s Chief Executive Officer. “We are focused on the fundamentals of our business: managing our financial resources and exploring multiple opportunities to strengthen our balance sheet, advancing our late-stage product candidates toward approval in close coordination with US and European regulatory agencies and strategically building our pipeline of novel ophthalmic therapeutics.”

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