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InSite Vision agrees to sell ISV-403 to B&L

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ALAMEDA, Calif., and ROCHESTER, N.Y. – InSite Vision Inc. and Bausch & Lomb announced that they have reached an agreement whereby InSite Vision will sell its drug candidate ISV-403 for the treatment of ocular infections to Bausch & Lomb. Under the terms of the proposed transaction, InSite Vision will receive a cash payment, reimbursement of certain product development expenses and a percentage of future ISV-403 product sales in all licensed countries, said a joint press release. Bausch & Lomb will assume all future ISV-403 development and commercialization expenses and, following a transfer period, will be responsible for all development activities, with assistance from InSite Vision as appropriate. The companies anticipate completing the transaction before the end of 2003.