InSite Vision receives noncompliance letter from NYSE Alternext

ALAMEDA, Calif. — The NYSE Alternext has issued InSite Vision a letter advising the company that it has failed to comply with certain continued listing standards as set forth in part 10 of the exchange's company guide, according to a press release from InSite.

In the letter, the InSite was notified that it is not in compliance with section 1003(a)(i) of the guide because its stockholders' equity amounts to less than the required $2 million and it has losses from continuing operations, as well as net losses in two of its three most recent fiscal years. In addition, the letter stated that InSite had failed to comply with section 1003(a)(ii) of the guide because its stockholders' equity amounts to less than the required $4 million and it has losses from continuing operations, as well as net losses in three of its four most recent fiscal years.

InSite expects to submit a plan to the NYSE Alternext by Jan. 14, detailing how it intends to meet both compliance standards by June 15, 2010. If InSite's plan is accepted, the company may continue its listing through June 15, 2010, during which time it will be subject to review to determine if it is making progress consistent with the plan. However, if InSite fails to submit its agenda or if the plan is denied, delisting proceedings may begin, the release said.

There is no guarantee that the plan will be accepted or that the company will be able to make significant progress consistent with its proposed plan, the release said.