InSite Vision Incorporated (OTCBB:INSV) today reported financial results
for the quarter ended March 31, 2012. Total revenues for the first
quarter of 2012 were $2.3 million, a decrease of $0.8 million from the
same quarter of 2011. InSite Vision had cash, cash equivalents and
short-term investments of $22.3 million as of March 31, 2012, reflecting
cash usage of $4.1 million in the quarter. During the first quarter of
2012, $2.1 million of cash was used for the AzaSite Plus™ and
DexaSite™ Phase 3 DOUBle clinical trial.
"The first quarter was one of progress against our product development
objectives to advance innovative ophthalmic therapeutics that we believe
will provide a meaningful benefit to patients," said Timothy Ruane,
InSite's Chief Executive Officer. "Enrollment in the Phase 3 DOUBle
clinical study of AzaSite Plus and DexaSite for the treatment of
blepharitis continues to go smoothly. We have recently conducted highly
productive meetings with the Food and Drug Administration to discuss the
regulatory path forward for both BromSite and DexaSite, which we expect
will move forward into Phase 3 clinical trials later this year. However,
we continue to be disappointed in Merck's commercialization results for
AzaSite as our royalties are down significantly from a year ago. We are
in communications with Merck to identify and develop a strategy designed
to restore AzaSite prescription growth as soon as possible."
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