NOV 13, 2013
InSite Vision today announced a net income of $0.6 million for third quarter of this year, compared to net income of $5.1 million in the third quarter of 2012.
The company stated that net income was higher in 2012 primarily due to additional minimum royalties from Merck. Merck’s obligation to make minimum royalty payments terminated on Sept. 30, 2013.
Revenues for the quarter were $5.3 million, compared to $12.1 million for the same period in 2012. The third quarter revenue of 2013 and 2012 included an additional $3.7 million and $9.3 million, respectively, in minimum royalty true-up payments from Merck on net sales of AzaSite.
“InSite is making good progress against our key objectives,” CEO Timothy Ruane said. “We completed our confirmatory phase 3 study of BromSite for ocular inflammation and pain ahead of schedule and we look forward to reporting that data by year end. We also bolstered our IP portfolio with the receipt of a key patent for our DuraSite 2 platform, which will serve as the foundation for our future ophthalmic therapeutic candidates and is available for licensing to other ophthalmic companies to enhance their products.”