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InSite Vision shareholder meeting spotlights drugs in development

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ALAMEDA, Calif. — InSite Vision (AMEX: ISV) held its annual meeting of shareholders June 18, featuring a live Web broadcast with management and the board of directors. The medical and economic potential of several drugs in the company’s development pipeline was discussed.

S. Kumar Chandrasekaran, CEO and chairman of the board of InSite Vision, announced during the Webcast that the company currently has $17 million in cash for operations. Mr. Chandrasekaran said the company showed strong growth potential in what he called ophthalmology’s underserved markets. He said the targets InSite is focusing on include glaucoma, allergy and retinal diseases.

The glaucoma formulation ISV-205 dispenses drug via the company’s DuraSite time-release delivery system. While the product is in a confidential period during phase 2b trials, the company was granted permission to discuss results to date at the meeting. The phase 2b study is taking place at 40 centers in the United States. With more than 6 months of use, InSite is reporting no adverse reactions, confirming ocular safety results of phase 2a trials.

Ron Lerman, product director of InSite’s genetic test for glaucoma, ISV-900, said this year the company plans to concentrate on physician education regarding what he called the first genetic-based test used in ophthalmology.

Mr. Chandrasekaran said ISV-900 is not to be used as a screening tool, but to help treat recently diagnosed glaucoma patients. The product detects the presence of glaucoma-related mutations. Of 233 patients in the clinical studies, 70% tested positive for the two mutations targeted by ISV-900.

T. Raymond Chen, PhD, senior director of regulatory affairs for the company, said the $400 million U.S. anti-infective market is growing 10% per year. He said ISV-401, a broad-spectrum antibiotic formulation, will increase patient compliance because of its user-friendly dosing regimen. ISV-401 is expected to begin phase 1 study in the third quarter of this year.

InSite said it plans to have a major presence at this year’s American Academy of Ophthalmology meeting in New Orleans.