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InSite Vision reports 1995 second quarter financial results.

ALAMEDA, Calif.--(BUSINESS WIRE)--July 27, 1995--InSite Vision Incorporated (NASDAQ:INSV) today reported its financial results for the second quarter ended June 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 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 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 of our manufacturing processes," said company chairman and chief executive officer Kumar Chandrasekaran, Ph.D. InSite Vision has previously announced the favorable results of Phase III studies using its BetaSite(TM) and PilaSite(R) eyedrop formulations for the treatment of glaucoma. "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 pharmaceutical company focused on the development and potential commercialization of improved and entirely new eye medications based on its proprietary DuraSite(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
COPYRIGHT 1995 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Jul 27, 1995
Words:480
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