InSite Vision reports 1995 second quarter financial results.ALAMEDA Alameda (ăləmē`də, –mā`də), city (1990 pop. 76,459), Alameda co., W central Calif., on an island just off the eastern shore of San Francisco Bay; settled 1850, inc. as a city 1884. , Calif.--(BUSINESS WIRE)--July 27, 1995--InSite Vision Incorporated (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :INSV INSV Impatiens Necrotic Spot Virus ) today reported its financial results for the second quarter ended June June: see month. 30, 1995. In the quarter, the company had revenues of $26,000 and a net loss of $3.2 million ($0.35 per share). These results compare with 1994 second quarter revenues of $44,000 and a net loss of $3.7 million ($0.41 per share). At June 30, 1995, InSite Vision had $10.1 million in cash and short term investments.
The second quarter results are consistent with company expectations. Compared with the same period in 1994, the 1995 decrease in revenues was due primarily to the completion of a contract research program. Operating expenses Operating expenses
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased in the 1995 second quarter as compared to the 1994 second quarter, due principally to reduced clinical research expenditures.
"With the successful completion earlier this year of Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA clinical studies of two product candidates, we were able to reduce overall research and development expenses in the second quarter and move forward with the scale-up and validation See validate.
validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our manufacturing processes," said company chairman and chief executive officer Kumar Chandrasekaran, Ph.D. InSite Vision has previously announced the favorable fa·vor·a·ble
1. Advantageous; helpful: favorable winds.
2. Encouraging; propitious: a favorable diagnosis.
3. results of Phase III studies using its BetaSite(TM) and PilaSite(R) eyedrop formulations for the treatment of glaucoma glaucoma (glôkō`mə), ocular disorder characterized by pressure within the eyeball caused by an excessive amount of aqueous humor (the fluid substance filling the eyeball). . "In addition, tight fiscal controls enabled us to achieve a 20 percent reduction in general and administrative expenses in the 1995 second quarter," he said.
InSite Vision is an ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1).
Of or relating to the eye; ocular.
Pertaining to the eye. pharmaceutical company focused on the development and potential commercialization of improved and entirely new eye medications based on its proprietary DuraSite DuraSite® Ophthalmology A sustained-release system designed to permit the gradual release of a drug into the eye over a period of hrs, overcoming problems common with conventional drug delivery (R) drug delivery platform, which is designed to provide sustained drug delivery to the eye. -0-
InSite Vision Incorporated
Condensed Consolidated Statements of Operations For the Three and Six Months Ended June 30, 1995 and 1994 (in thousands, except per share amounts; unaudited)
Three Months Six Months 1995 1994 1995 1994 -------- -------- ------- --------
Revenues $ 26 $ 44 $ 37 $ 74
Operating expenses: Research and development 2,139 2,535 4,614 4,541 General and administrative 1,172 1,463 2,382 2,688 Total 3,311 3,998 6,996 7,229
Loss from operations (3,285) (3,954) (6,959) (7,155) Interest - net 107 236 213 473 Net loss $(3,178) $(3,718) $(6,746) $ (6,682)
Net loss per share $ (0.35) $ (0.41) $ (0.74) $ (0.75)
Condensed Consolidated Balance Sheets At June 30, 1995 and December 31, 1994 (in thousands; unaudited)
1995 1994 -------- -------- Assets: Cash and short term investments $ 10,071 $ 17,546 Property and equipment, net 3,763 3,014 Prepaid expenses 310 706 Total assets $ 14,144 $ 21,266
Liabilities and stockholders' equity: Current Liabilities $ 1,495 $ 1,983 Other liabilities 1,045 1,330 Stockholders' equity 11,604 17,953 Total liabilities and equity $ 14,144 $ 21,266
CONTACT: InSite Vision
Carol D. DeGuzman, 510/865-8800