InSite Vision Names Louis Drapeau Interim CEO
2008年11月6日 - 6:58AM
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InSite Vision Incorporated (AMEX:ISV) today announced that Louis
Drapeau, the company�s Vice President and Chief Financial Officer,
has been appointed interim Chief Executive Officer. S. Kumar
Chandrasekaran, Ph.D., will step down as Chief Executive Officer,
effective immediately. Mr. Drapeau will lead the day-to-day
operations of the company while retaining his current CFO
responsibilities. An active CEO search has been initiated. In
addition, Evan Melrose, M.D., Managing Director of PTV Sciences has
been named Chairman of the Board. �On behalf of the Board, I would
like to thank Dr. Chandrasekaran for his many years of leadership
and dedication to InSite Vision, building a legacy of valuable
technology, product applications and intellectual property,� said
Dr. Melrose, Chairman of the Board, InSite Vision . �Mr. Drapeau
brings extensive biotechnology senior management experience, having
previously held leadership positions with Nektar Therapeutics and
BioMarin Pharmaceuticals. This background, plus his knowledge of
InSite Vision, will ensure a smooth transition and enable him to
provide strong guidance for the company in the coming months. The
Board and I look forward to working with Lou to execute on
strategic priorities that will position this company for future
growth and drive value for patients and shareholders.� �InSite
Vision is in a position to deliver new and valuable ophthalmic
products to patients,� stated Louis Drapeau, InSite�s interim CEO.
�I am excited about the opportunity to work closely with Evan, the
Board and the employees of InSite to build on what is a strong
foundation in ophthalmic care.� Louis Drapeau Louis Drapeau joined
InSite Vision in October 2007 as Vice President and Chief Financial
Officer. Previously, he served as Chief Financial Officer, Senior
Vice President, Finance, at Nektar Therapeutics, where he oversaw
accounting, financial planning, information technology, internal
auditing, and investor relations. Prior to Nektar, he served as
acting Chief Executive Officer from August 2004 to May 2005 and as
Senior Vice President and Chief Financial Officer from August 2002
to August 2005 for BioMarin Pharmaceutical Inc. Previously, Mr.
Drapeau spent 30 years at Arthur Andersen including 19 years as an
Audit Partner in Arthur Andersen�s Northern California Audit and
Business Consulting practice which included 12 years as Managing
Partner. He serves as a Director of Bio-Rad Laboratories,
InterMune, Inc. and BioNovo Inc. Mr. Drapeau received both his
undergraduate degree in mechanical engineering and a M.B.A. from
Stanford University. Dr. Evan Melrose Dr. Melrose has served as
Managing Director at PTV Sciences, a healthcare venture capital
firm, since January 2003. From January 2000 to January 2003, Dr.
Melrose was a Director with Burrill & Company, a San
Francisco-based life sciences venture capital firm. Prior, Dr.
Melrose was involved in health care startups in Philadelphia and
clinical private practice. Over the course of his healthcare
investment career he has been directly involved in multiple initial
public offerings, several acquisitions, and several dozen private
healthcare investments. Dr. Melrose has held faculty appointments
at the University of California, San Francisco, the University of
Pennsylvania and Baylor College of Medicine. He currently serves on
the Board of Bioform Medical, Inc. Dr. Melrose received his B.A.
from the University of Pennsylvania, his M.D. from Indiana
University and his M.B.A. from the Wharton School of the University
of Pennsylvania. About InSite Vision InSite Vision develops novel
ocular pharmaceutical products using its DuraSite� 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� (azithromycin ophthalmic
solution) 1%, launched by Inspire Pharmaceuticals in the United
States 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, which is currently in Phase 3 pivotal trials for the
treatment of eye and eye lid infections and inflammation, currently
an unmet need. In addition, the company is investigating other
product and collaboration opportunities with both the
DuraSite-azithromycin platform and/or with DuraSite and other
molecules. Forward Looking Statements This news release contains
certain statements of a forward-looking nature relating to future
events, including InSite Vision�s search for a new CEO, its
transition until a new CEO is recruited, InSite�s plans to advance
strategic priorities that will position the company for growth and
drive value for patients and shareholders, InSite�s plans to
advance its AzaSite family of products, InSite�s plans regarding
further marketing and distribution of AzaSite outside its currently
licensed territories, InSite�s corporate goals, and InSite�s plans
for products outside of its AzaSite franchise. Such statements
entail a number of risks and uncertainties, including but not
limited to: InSite�s reliance on third parties, including Inspire,
for the commercialization of AzaSite and its other products;
InSite�s ability to identify and hire a permanent CEO and ability
to retain Mr. Drapeau and other key management now and in the
future; the ability of InSite to enter into corporate
collaborations for AzaSite outside its currently licensed
territories, and with respect to its other product candidates,
including ISV-502; Inspire�s ability to successfully market AzaSite
in the United States and Canada; the ability of InSite�s
international partners to obtain approval to market AzaSite outside
the U.S. and Canada; InSite�s ability to commence clinical trials
with respect to its various product candidates and the results of
such trials; the clinical results of InSite�s product candidates;
InSite�s ability to expand its technology 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,
ISV-502, and AzaSite Xtra; 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,
including those with respect to ISV-502. 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.
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