InSite Vision Inc. Reports Q2 2014 Results

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ALAMEDA, Calif.— InSite Vision Incorporated (OTCBB:INSV) has reported financial results for the second quarter ended June 30, 2014. According to the company, revenues were $6.3 million compared to $19.2 million for the same period in 2013. Second quarter 2014 revenues included a $6.0 million payment for the amendment to the Akorn License and royalties for net sales of AzaSite of $0.3 million. Net income for the second quarter of 2014 was $37.1 million compared to net income of $12.1 million in the second quarter of 2013, the company said.

InSite also said the company recorded a gain of $36.0 million on the extinguishment of the AzaSite Notes in the second quarter of 2014.

According to Timothy Ruane, InSite CEO, “In the last few months, InSite has extinguished its subsidiary’s debt, regained direct receipt of AzaSite royalties on North American sales and obtained positive, valuable feedback in our discussions with U.S. and European regulatory authorities. We are preparing a New Drug Application to market BromSite for the treatment of inflammation and prevention of pain following cataract surgery. In addition, based on a positive post-Phase 3 meeting with the FDA, we believe we have a path forward for filing an NDA for DexaSite, which has the potential to be the first product approved for the treatment of blepharitis.”

As of June 30, 2014, InSite reported cash and cash equivalents of $2.5 million, and total cash usage in the second quarter of 2014 was $2.9 million. InSite said the company expects that cash on hand, anticipated cash flow from operations and current cash commitments will be adequate to fund operations until September 2014, and additional funding is being sought through debt or equity financings, collaborative or other partnering arrangements, and from other sources.