InSite Vision Announces Rescheduling of 2003 Third Quarter Financial Results
Conference Call to November 19 And Delay in Filing of Form 10-Q
ALAMEDA, Calif., Nov. 13 /PRNewswire-FirstCall/ -- InSite Vision Incorporated
-- an ophthalmic therapeutics, diagnostics and drug-delivery company -- today
announced that the Company will release 2003 third quarter financial results
after market close Wednesday, November 19, 2003. The Company has also
rescheduled its conference call previously scheduled for Thursday, November 13,
2003. S. Kumar Chandrasekaran, Ph.D., chief executive officer, president and
chief financial officer; David F. Heniges, vice president and general manager,
commercial opportunities; and Sandra Heine, senior director of finance, will now
host the rescheduled investment-community conference call beginning at 5:00 p.m. Eastern Time on Wednesday, November 19, 2003 to discuss the Company's third
quarter financial results and to answer questions.
The rescheduling of issuance of 2003 third quarter financial results and the
investment-community conference call were related to complexities associated in
accounting for the Company's financing announced on September 23, 2003. InSite
Vision has been working diligently to prepare its consolidated financial
statements for the quarter ended September 30, 2003 and such consolidated
financial statements have been substantially completed. However, due to the
complexities associated with accounting for the Company's acquisition of
Ophthalmic Solutions, Inc. on September 22, 2003 and the related assumption of
convertible debentures in connection with that acquisition, the Company has not
finalized such consolidated financial statements and is unable to file its
Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 within
the prescribed period without unreasonable effort or expense. Accordingly, the
Company intends to file a Form 12b-25 with the Securities and Exchange
Commission to report that its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2003 will not be timely filed. InSite Vision expects to
file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2003
on or before November 19, 2003.
Individuals interested in listening to the conference call may do so by dialing
(888) 803-7364 for domestic callers or (706) 634-1033 for international callers. A telephone replay will be available for 48 hours following the conclusion of
the call by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international),
and entering reservation code 3970238.
The live conference call will also be available via the Internet on the investor
relations section of the Company's Web site at http://www.insitevision.com/, and
a recording of the call will be available for 90 days following the completion
of the call.
InSite Vision is an ophthalmic products company focused on glaucoma, ocular
infections and retinal diseases. In the area of glaucoma, the Company conducts
genomic research using TIGR and other genes. A portion of this research has
been incorporated into the Company's OcuGene glaucoma genetic test for disease
management, as well as ISV-205, its novel glaucoma therapeutic. ISV-205 uses
InSite Vision's proprietary DuraSite(R) drug-delivery technology, which also is
incorporated into the ocular infection products ISV-401 and ISV-403, and InSite
Vision's retinal disease program. Additional information can be found at
http://www.insitevision.com/.
This press release and the telephone conference referenced herein may contain,
among other things, certain statements of a forward-looking nature relating to
future events or the future business performance of InSite Vision. Such
statements entail a number of risks and uncertainties, including but not limited
to: InSite Vision's immediate need for significant additional funding to
continue its operations; the effects of its expense control activities on its
operations and product development, its ability to obtain regulatory approval
and market acceptance of its products, including ISV-403, OcuGene, ISV-401 and
ISV-205; its ability to maintain and develop additional collaborations and
commercial agreements with corporate partners, including those with respect to
ISV-403, ISV-401 and ISV-205; its reliance on third parties for the development,
marketing and sale of its products; and the initiation and results of
preclinical and clinical studies, its ability to adequately protect its
intellectual property and; determinations by the U.S. Food and Drug
Administration, including those with respect to ISV-403, OcuGene, ISV-401 and
ISV-205. Reference is made to the discussion of risk factors detailed in InSite
Vision's filings with the Securities and Exchange Commission, including its
annual report on Form 10-K for the 2002 fiscal year and Quarterly Report on Form
10-Q for the fiscal quarter ended June 30, 2003. Any projections in this release
are based on limited information currently available to InSite Vision, which is
subject to change. Although any such projections and the factors influencing
them will likely change, InSite Vision undertakes no obligation to update the
information, since InSite Vision may only provide guidance at certain points
during the year. Such information speaks only as of the date of this release or
the date of the telephone conference. Actual events or results could differ
materially and no reader of this release should assume later that the
information provided today or in the live telephone conference is still valid.
Note to Editors: OcuGene is written with a "small cap" G; if doing so is not
possible, please use an upper case G. InSite Vision Incorporated, InSite
Vision, DuraSite and OcuGene are trademarks of InSite Vision Incorporated. Other
trademarks that may be mentioned in this release are the intellectual property
of their respective owners.
For further information, please contact S. Kumar Chandrasekaran, CEO, or Sandra
Heine, Director of Finance, +1-510-865-8800, both of InSite Vision Incorporated;
or Investors, Bruce Voss, , or Jody Cain, , both of Lippert/Heilshorn &
Associates, Inc., +1-310-691-7100; or Media, Chenoa Taitt, , or Michael Hopkins,
, both of Lippert/Heilshorn & Associates, Inc., +1-212-838-3777, all for InSite
Vision Incorporated. DATASOURCE: InSite Vision Incorporated CONTACT: S. Kumar Chandrasekaran, CEO, or Sandra Heine, Director of Finance, +1-510-865-8800, both of InSite Vision Incorporated; or Investors, Bruce Voss, , or Jody Cain, , both of Lippert/Heilshorn & Associates, Inc., +1-310-691-7100; or Media, Chenoa Taitt, , or Michael Hopkins, , both of Lippert/Heilshorn & Associates, Inc., +1-212-838-3777, all for InSite Vision Incorporated Web site: http://www.insitevision.com/
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