InSite Vision Announces Search for New Independent Auditor
ALAMEDA, Calif., Oct. 28 /PRNewswire-FirstCall/ -- InSite Vision Incorporated
-- an ophthalmic therapeutics, diagnostics and drug-delivery company - today
announced that Ernst & Young, LLP will resign as the Company's independent
auditor following the completion of its review of InSite Vision's Form 10-Q
filing for the quarter ended September 30, 2003.
It has been agreed upon by all parties that InSite Vision would be better served
by an independent accounting firm that focuses on meeting the needs of smaller
public companies. InSite has indicated that a search for a new independent
accounting firm has commenced but the Company has not yet engaged such a firm.
The Company noted that the auditor's decision was not the result of any
disagreement between the Company and Ernst & Young on any matters of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure as more fully described in the Form 8-K InSite Vision filed today with
the Securities and Exchange Commission.
"We are eager to move forward with a new audit firm that specifically caters to
public companies of our size. We thank Ernst & Young for their work over the
past years and are confident that this change is the best interest of our
company," stated S. Kumar Chandrasekaran, Ph.D., InSite Vision's president and
chief executive officer.
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(R) 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 may contain among other things certain statements of a
forward-looking nature relating to future events, including but not limited to:
the Company's ability to engage a new independent accounting firm, the fee
arrangement with such firm, and InSite Vision's immediate need for significant
additional funding to continue its operations. 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 reports on Form 10-Q. 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. Such information speaks only as of the
date of this release. Actual events or results could differ materially and no
reader of this release should assume later that the information provided today
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, both of InSite Vision Incorporated, +1-510-865-8800;
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, both of InSite Vision Incorporated, +1-510-865-8800; 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/
|