InSite Vision Completes ISV-403 Sale to Bausch & Lomb
ALAMEDA, Calif., Dec. 30 /PRNewswire-FirstCall/ -- InSite Vision Incorporated ,
an ophthalmic therapeutics, diagnostics and drug- delivery company, today
reported the completion of a previously announced transaction whereby InSite
Vision has sold its drug candidate ISV-403 for the treatment of ocular
infections to Bausch & Lomb.
Under the terms of the transaction, InSite Vision has received a cash payment
and reimbursement of certain ISV-403 product development expenses, and will
receive a percentage of future ISV-403 product sales in all licensed countries.
Bausch & Lomb is assuming all future ISV-403 development and commercialization
expenses and, following a transfer period, will be responsible for all
development activities, with assistance from InSite Vision as appropriate. In
addition, the August 2002 ISV-403 licensing agreement and the related Series A-1
Preferred Stock purchase agreement between Bausch & Lomb and InSite Vision has
been terminated and Bausch & Lomb has returned to InSite Vision for cancellation
all shares of the Series A-1 Preferred Stock previously issued.
ISV-403 combines a fourth-generation fluoroquinolone, SS734, licensed from
Japan's SSP, Co., Ltd., with InSite Vision's patented drug delivery system,
DuraSite(R). Preclinical studies with ISV-403 indicated that this drug
candidate is effective against bacteria resistant to third generation
fluoroquinolone products.
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 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,
OcuGene, ISV-401 and ISV-205; InSite Vision's ability to maintain and develop
additional collaborations and commercial agreements with corporate partners,
including those with respect to ISV-401 and ISV-205; its reliance on third
parties for the development, marketing and sale of its products; 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 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 September 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.
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, for InSite Vision
Incorporated; or Media, Chenoa Taitt, , or Michael Hopkins, , both of
Lippert/Heilshorn & Associates, Inc., +1-212-838-3777, 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 Web site: http://www.lhai.com/ Web site: http://www.insitevision.com/
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