InSite Vision Obtains Final Tranche of $1 Million Interim Financing
ALAMEDA, Calif., Nov. 12 /PRNewswire-FirstCall/ -- InSite Vision Incorporated
-- an ophthalmic therapeutics, diagnostics and drug-delivery company -- today
announced that it has obtained the final $500,000 tranche for a total of $1
million in interim financing from a private investment fund. J.P. Turner &
Company, LLC served as the financial representative for this financing.
The interim financing was raised through the assumption of redeemable
debentures. Proceeds from this financing will be used to fund InSite Vision's
general working capital requirements while the Company pursues a licensing
agreement and/or additional financing.
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/ .
On September 23, 2003, InSite Vision filed a current report on Form 8-K
describing in greater detail the terms of this transaction and including the
transaction documents as exhibits.
This press release 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; InSite's ability to
obtain additional investments pursuant to the terms of the debentures, 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 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, both for InSite Vision Incorporated; or
media, Chenoa Taitt, , or Michael Hopkins, , both of Lippert/Heilshorn &
Associates, Inc., +1-212-838-3777, both 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, both for InSite Vision Incorporated; or media, Chenoa Taitt, , or Michael Hopkins, , both of Lippert/Heilshorn & Associates, Inc., +1-212-838-3777, both for InSite Vision Incorporated Web site: http://www.lhai.com/ http://www.insitevision.com/
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