InSite Vision reported quarterly financial results this week. (Google Street View)
Revenue for the quarter ended June 30th, 2013, were $19.2 million, but that included $15 million for the sale of royalty rights for Besivance, a solution used to treat bacterial conjunctivitis. Adjusting revenue for the royalty sales, reduces quarterly revenue to $4.2 million, compared to $1.8 million for the same period in 2012.
InSite’s Chief Executive Officer Timothy Ruane said that the Besivance royalty stream would support clinical trials for additional products.
The Besivance sale also boosted net income for the quarter, which clocked-in at $12.1 million, or $0.09 per share, compared to a net loss of $6.8 million, or $0.05 per share, in the same quarter of last year.
InSite develops new ophthalmologic (eye care) products.
