InSite Vision Reports First Quarter 2000 Results.Business Editors, Health/Medical Writers ALAMEDA, Calif.--(BW HealthWire)--May 9, 2000 InSite Vision Incorporated (AMEX AMEX See: American Stock Exchange :ISV (Independent Software Vendor) A person or company that develops software. It implies an organization that specializes in software only and is not part of a computer systems or hardware manufacturer. ) today announced its financial results for the first quarter ended March 31, 2000. At the close of the quarter, InSite Vision posted a net loss of $0.7 million, or $0.03 per common share. This compares to a net loss of $1.1 million, or $0.06 per common share, for the first quarter of 1999. The decrease in net loss is primarily due to a decrease in net research expenses to $244,000 for the first quarter of 2000 from $455,000 for the first quarter of 1999. This decrease reflects the additional reimbursement of expenses from Pharmacia Corporation (Pharmacia) pursuant to the January 1999, ISV-205 and November 1999, ISV-900 licensing agreements. General and administrative (G&A) expenses decreased to $576,000 from $638,000 for the first quarter ended 2000 compared to the same period in 1999. This decrease was primarily due to legal and consulting costs incurred in the first quarter of 1999 related to licensing activities which were not incurred in the same period of 2000. During the first quarter of 2000, the Company received from Pharmacia both a $2.0 million equity investment and $2.0 million to support on-going ISV-900 research. The Company had cash and cash equivalents of $9.3 million as of March 31, 2000, an increase of $2.6 million from December 31, 1999, primarily due to transactions with Pharmacia as described above. The Company also completed a private placement of Common Stock and Warrants on May 3, 2000, raising net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $13 million. Lead investor, Capital Research and Management Company, was joined by Apollo Medical Partners, with AmeriCal Securities acting as placement agent. "We are pleased with the accomplishments we have achieved in the past several months, including the augmentation AUGMENTATION, old English law. The name of a court erected by Henry VIII., which was invested with the power of determining suits and controversies relating to monasteries and abbey lands. of the ISV-900 program through the licensing of a TIGR TIGR The Institute for Genomic Research TIGR Treasury Investment Growth Receipt TIGR This Is Getting Ridiculous TIGR Thermally Induced Gallium Removal TIGR TSPI Interface for GPS/RAJPO modifier gene Noun 1. modifier gene - a gene that modifies the effect produced by another gene modifier cistron, gene, factor - (genetics) a segment of DNA that is involved in producing a polypeptide chain; it can include regions preceding and following the coding DNA as and the OCLM OCLM Office Connect LAN Modem (3Com) gene from INSERM INSERM Institut National de la Santé et de la Recherche Médicale (French Institute of Health and Medical Research) of France and Dr. Toshihiko Matsuo of Japan, respectively," said Dr. S Dr. Doctor. dr. dram. . Kumar Chandrasekaran, Chairman and Chief Executive Officer of InSite Vision. "We are also very excited about the potential to initiate clinical trials for the use of ISV-615 in diabetic retinopathy diabetic retinopathy n. Retinal changes occurring in long-term diabetes and characterized by punctate hemorrhages, microaneurysms, and sharply defined waxy exudates. within the year." Positive data from the preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. of ISV-615 was recently presented at a meeting of ARVO ARVO Association for Research in Vision and Ophthalmology. , the Association for Research in Vision and Ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for . ISV-615 is a topical eyedrop formulation containing batimistat, a potent metalloproteinase inhibitor, in InSite Vision's patented drug delivery system, DuraSite(R). InSite Vision is an ophthalmic product development company focused on genomic research, using the TIGR, OCLM, and other genes, for the diagnosis, prognosis, disease management and treatment of glaucoma glaucoma (glôkō`mə), ocular disorder characterized by pressure within the eyeball caused by an excessive amount of aqueous humor (the fluid substance filling the eyeball). and other ophthalmic diseases. The Company's proprietary DuraSite drug delivery technology can be tailored for delivery of disease treatments such as ISV-615, a treatment for retinal retinal /ret·i·nal/ (ret´i-n'l) 1. pertaining to the retina. 2. the aldehyde of retinol, derived from absorbed dietary carotenoids or esters of retinol and having vitamin A activity. diseases, and ISV-205, InSite Vision's novel glaucoma treatment product. This press release contains, among other things, certain statements of a forward-looking nature relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events or the future business performance of InSite Vision. Such statements entail a number of risks and uncertainties involving the results of preclinical and clinical studies and determinations by the U.S. Food and Drug Administration, as well as the Risk Factors listed from time to time in the company's SEC filings including, but not limited to, its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999.
InSite Vision Incorporated
Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2000 and 1999
(in thousands, except per share amounts; unaudited)
Three months ended
March 31,
2000 1999
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Royalty revenue $ 6 $ 7
Operating expenses:
Research and development, net 244 455
General and administrative 576 638
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Total 820 1,093
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Loss from operations (814) (1,086)
Interest, other income and expenses, net 82 12
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Net loss (732) (1,074)
Non-cash preferred dividends 1 12
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Net loss applicable to common
stockholders $ (733) $ (1,086)
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Net loss per share applicable to
common stockholders $ (0.03) $ (0.06)
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Shares used to calculate net loss
per share basic and diluted 21,058 18,261
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Condensed Consolidated Balance Sheets
At March 31, 2000 and December 31, 1999
(in thousands; unaudited)
March 31, December 31,
2000 1999
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Assets:
Cash and cash equivalents $ 9,332 $ 6,746
Prepaid expenses and other assets 996 598
Property and equipment, net 185 119
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Total assets $ 10,513 $ 7,463
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Liabilities and stockholders' equity:
Current liabilities $ 2,740 $ 1,177
Long-term liabilities 31 --
Redeemable preferred stock 31 30
Stockholders' equity 7,711 6,256
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Total liabilities and stockholders'
equity $ 10,513 $ 7,463
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