ALAMEDA, Calif.--(BUSINESS WIRE)-- InSite Vision Incorporated (OTCBB: INSV) today announced that Evan S. Melrose, M.D., has resigned from the company’s Board of Directors. Dr. Melrose is a Managing Director of PTV Sciences, a healthcare venture capital fund he co-founded in January 2003, and he is also the Founding Managing Director of Spindletop Healthcare Capital, a healthcare venture capital firm established in May 2011. InSite has initiated a search for a replacement for Dr. Melrose on the Board. The total number of InSite Vision Board members is six.
“We are grateful for Evan’s strong support of InSite Vision, first as an investor with PTV Sciences and as the Chair of the company’s Board of Directors,” said Timothy Ruane, Chief Executive Officer of InSite Vision. “Evan’s leadership in recent years has been extremely helpful as InSite has successfully resized and refocused our business. Today, InSite is a diversified late-stage clinical development company with three product candidates entering pivotal Phase 3 clinical trials, as well as additional product opportunities, all backed by a solid balance sheet. We wish Evan the best in his new endeavors.”
Dr. Melrose added, "It has been a privilege to serve on this Board of Directors. InSite Vision has re-emerged as an innovative and focused ophthalmology company with a diverse portfolio of product candidates to address front-of-the-eye indications. I have enjoyed working with Tim and my fellow Board members. As I look to focus my attention on my current and new investment funds, I know that InSite is well positioned to execute on plans to advance its novel ophthalmic therapeutics to the market.”
InSite Vision has established a pipeline of innovative clinical- and preclinical-stage ophthalmic products leveraging the company’s proven DuraSite® drug delivery platform. The company is developing two Phase 3 product candidates for the treatment of blepharitis: AzaSite Plus™, combines dexamethasone 0.1% with AzaSite® (azithromycin 1% ophthalmic solution) in DuraSite; and DexaSite, which combines dexamethasone 0.1% with DuraSite. Another Phase 3 product candidate, BromSite™ (previously referred to as ISV-303) (0.075% bromfenac in DuraSite), is in development for pain and inflammation associated with ocular surgery. In addition, InSite is advancing ISV-101, which combines a low dose of bromfenac with DuraSite, into a Phase 1/2 clinical trial for the treatment of dry eye disease.
InSite's DuraSite sustained delivery technology is a synthetic polymer-based formulation designed to extend the residence time of a drug relative to conventional topical therapies. It enables topical delivery of a solution, gel or suspension and can be customized for delivering a wide variety of potential drug candidates. The DuraSite platform is currently leveraged in two commercial products for the treatment of bacterial eye infections, AzaSite and Besivance® (besifloxacin 0.6% ophthalmic suspension). InSite Vision is advancing a portfolio of novel preclinical- to clinical-stage ophthalmic products based on the DuraSite platform.
About InSite Vision
InSite Vision is advancing new and superior ophthalmologic products for unmet eye care needs. The company’s product portfolio utilizes InSite Vision’s proven DuraSite® bioadhesive polymer core technology, an innovative platform that extends the duration of drug retention on the surface of the eye, thereby reducing frequency of treatment and improving the efficacy of topically delivered drugs. The DuraSite platform is currently leveraged in two commercial products for the treatment of bacterial eye infections, AzaSite® (azithromycin ophthalmic solution) 1%, marketed in the U.S. by Merck, and Besivance® (besifloxacin ophthalmic suspension) 0.6%, marketed by Bausch & Lomb and their partner Pfizer Inc. InSite Vision’s clinical-stage ophthalmic product pipeline includes AzaSite Plus™ (ISV-502) and DexaSite™ (ISV-305) for the treatment of eye infections, BromSite™ (ISV-303) for pain and swelling associated with ocular surgery, and ISV-101 for the treatment of dry eye disease. For further information on InSite Vision, please visit www.insitevision.com.
This news release contains certain statements of a forward looking nature relating to future events, including InSite's strategy to become a new leader in the global ophthalmology market and InSite’s plans for its DuraSite technology. Such statements entail a number of risks and uncertainties, including but not limited to: the results of clinical trials and the timing thereof; InSite’s ability to obtain FDA approval for its product candidates and the timing thereof; InSite's reliance on third parties for the commercialization of its products; the ability of InSite to enter into corporate collaborations for its product candidates; InSite's ability to expand its product platform to include additional indications; InSite's ability to compete effectively, either alone or through its partners, with other companies offering competing products or treatments; InSite's ability to maintain and develop additional collaborations and commercial agreements with corporate partners, including those with respect to AzaSite; its ability to adequately protect its intellectual property and to be free to operate with regard to the intellectual property of others; and determinations by the FDA. Reference is made to the discussion of these and other risk factors detailed in InSite Vision's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q, under the caption "Risk Factors" and elsewhere in such reports. Any forward-looking statements or projections are based on the limited information currently available to InSite Vision, which is subject to change. Although any such forward-looking statements or 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 its release. Actual events or results could differ materially and one should not assume that the information provided in this release is still valid at any later date.
AzaSite® and DuraSite® are registered trademarks of InSite Vision Incorporated.
BESIVANCE® is a registered trademark of Bausch & Lomb Incorporated.
Louis Drapeau, 510-747-1220
Chief Financial Officer
Media and Investor inquiries
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Karen L. Bergman, 650-575-1509
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials Optical Pharmaceutical