Six PTV Sciences Nominees Appear to Have Been Elected to the Board
ALAMEDA, Calif. & AUSTIN, Texas--(BUSINESS WIRE)--Sept. 22,
2008--InSite Vision Incorporated (AMEX:ISV) and PTV Sciences announced
today that, based on a preliminary estimate of the voting at the 2008
annual meeting of stockholders of InSite Vision, the six PTV Sciences
nominees were elected to the Board of Directors. Upon certification of
these results by the Inspector of Election, the new directors will be
Rick Anderson, Tim Lynch, Tim McInerney, Evan Melrose, M.D., Robert
O'Holla and Anthony Yost.
Dr. Kumar Chandrasekaran, InSite Vision president and chief
executive officer, expressed his commitment to working together with
the new Board of Directors. "It is time for management and the new
Board to focus on the road ahead and work together to transform the
company into a successful, multiple-product organization."
Dr. Melrose, a managing director at PTV Sciences, added, "We look
forward to working together with current management, including
Dr. Chandrasekaran, to implement a thoughtful transition plan that
will benefit all stockholders and to capitalize on InSite Vision's
valuable technology and intellectual property."
The new Board of Directors is expected to take office upon
certification of these results by the Inspector of Election, which is
expected to occur later this week.
About InSite Vision
InSite Vision develops novel ocular pharmaceutical products using
its DuraSite(R) bioadhesive polymer core technology to enable topical
delivery and sustained release of existing drug molecules for reduced
frequency of treatment and improved efficacy. By formulating the
well-established antibiotic azithromycin in DuraSite, InSite developed
the lowest-dosing ocular antibiotic available to the United States
ophthalmic market, AzaSite(R) (azithromycin ophthalmic solution) 1%,
launched by Inspire Pharmaceuticals in the United States in August
2007 for the treatment of bacterial conjunctivitis (pink eye). In
addition, InSite has signed licensing and distribution agreements with
Shin Poong Pharm in South Korea; Bioceutica, Inc. for four countries
in South America; Biem, for Turkey; and Essex for China, and is
seeking other international partners for commercialization and
distribution of AzaSite.
InSite is pursuing the expansion of its portfolio of
anti-infective ophthalmic products to include ISV-502 in Phase 3
pivotal trials as a product candidate directed at treating eye and eye
lid infections and inflammation, currently an unmet need. The Company
is also developing AzaSite Xtra, a product designed to assist in
penetrating international markets. In addition, the Company is
investigating other product and collaboration opportunities with both
the DuraSite-azithromycin platform and/or with DuraSite and other
molecules.
About PTV Sciences
PTV Sciences is a healthcare venture capital and growth equity
firm focused on enabling healthcare entrepreneurs and global
innovation. PTV Sciences is a highly collaborative investment team of
22 professionals, deeply experienced as investors and operators of
life science companies. PTV Sciences focuses on enabling industry
leading companies and investing in extraordinary people in the
healthcare and life sciences sector, including ophthalmology, medical
devices, biotechnology, pharmaceuticals, and diagnostics.
CONTACT: InSite Vision Incorporated
Joyce Strand, 510-747-1220
SOURCE: InSite Vision Incorporated
