InSite Vision Announces Restructuring to Support 2009 Strategic Priorities
2009年3月27日 - 5:00AM
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InSite Vision Incorporated (AMEX: ISV) today announced a
restructuring to support the company�s focus on identifying and
developing ophthalmological products for unmet eye-care needs.
Earlier this month, InSite Vision outlined the company�s 2009
strategic objectives to maximize shareholder value by supporting
commercial product sales, partnering select pipeline assets and
in-licensing or acquiring new late-stage products and technologies.
Today�s restructuring resulted in the elimination of 15 positions
or 52 percent of the company�s employees.
�InSite Vision is pursuing a strategy that leverages our current
assets, including our talented ophthalmic drug development team,
growing revenue from AzaSite�, several promising pipeline
candidates, and our proprietary DuraSite� platform,� stated Louis
Drapeau, InSite�s Chief Executive Officer. �We have retained the
expertise and resources necessary to capitalize on our existing
portfolio and identify in-licensing or acquisition opportunities
for late-stage ophthalmic products or technology platforms that
will drive advanced eye-care products.�
InSite expects that the combination of this restructuring and
the restructuring conducted in December 2008 will reduce its annual
operating expenses by approximately $4.0 million annually. A
one-time charge of approximately $0.4 million is expected to be
incurred in the second quarter of 2009. Employees affected by the
restructuring are eligible for a package that includes severance
pay and continuation of benefits.
Among the company�s top priorities is the support of continued
sales growth for AzaSite (azithromycin ophthalmic solution) 1%.
Since its launch in 2007, AzaSite has experienced steady
quarter-over-quarter growth, reporting an increase of 54 percent in
fourth quarter 2008 sales over the third quarter of 2008. AzaSite
is marketed by Inspire Pharmaceuticals in the U.S., and InSite is
exploring additional partnering opportunities for the product
outside North America.
InSite is also exploring additional partnership opportunities to
develop and commercialize products based on its DuraSite drug
delivery platform. DuraSite is a synthetic polymer that stabilizes
small molecules in an aqueous matrix and can be customized to
deliver a wide variety of potential drug candidates. When
formulated with DuraSite, typically short-acting therapeutic
compounds are capable of residing on the surface of the eye for 4
to 6 hours and gradually releasing drug to ensure a therapeutic
dose.
InSite�s management team and Board of Directors are working
closely with Piper Jaffray & Co. to identify late-stage
ophthalmic product candidates, technology licensing opportunities
and acquisitions to expand the company�s pipeline.
About InSite Vision
InSite Vision is committed to advancing new and superior
ophthalmological products for unmet eye-care needs. InSite is
recognized for the discovery and development of novel ocular
pharmaceutical products based on its DuraSite� bioadhesive polymer
core technology, an innovative platform that extends the duration
of drug delivery on the eye�s surface thereby reducing frequency of
treatment and improving the efficacy of topically delivered drugs.
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%. AzaSite is marketed by
Inspire Pharmaceuticals in the United States for the treatment of
bacterial conjunctivitis (pink eye) and has been licensed to
international partners in South Korea, four countries in South
America, Turkey and China for marketing and sale upon regulatory
approval in those countries.
Forward Looking Statements
This news release contains certain statements of a
forward-looking nature relating to future events, including the
expected cost and accounting charges associated with the
restructuring described herein, InSite Vision�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 AzaSite and its AzaSite family of products, InSite�s plans
regarding further marketing and distribution of AzaSite outside its
currently licensed territories, InSite�s plans to acquire or
in-license additional potential products, 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 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;; 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.
Insite Vision (AMEX:ISV)
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