InSite Vision Reports Third Quarter 1999 Results and Presentation at BancBoston Robertson Stephens Conference
ALAMEDA, Calif.--(BW HealthWire)--Nov. 10, 1999--InSite Vision
Incorporated (AMEX:ISV) today announced its financial results for the
third quarter and nine months ended September 30, 1999, and,
additionally, that it will present at the 16th Annual BancBoston
Robertson Stephens Medical Conference.
At the close of the quarter, InSite Vision posted a net loss of
$0.7 million, or $0.04 per common share. This compares to a net loss
of $2.7 million, or $0.18 per common share, for the third quarter of
1998. The Company also reported a decrease in net loss to $2.8
million, or $0.15 per common share, from $7.4 million, or $0.51 per
common share, for the nine months ended September 30, 1999 compared to
September 30, 1998.
The decrease in net loss is primarily due to payments from
Pharmacia & Upjohn (P&U) of $1.4 million in the third quarter of 1999
and $900,000 in each of the first two quarters of 1999. The payments
are for product development expenses applicable to the January 1999
licensing of InSite's gene-based glaucoma treatment, ISV-205, which
the Company believes will be the first therapeutic product directed at
the cause of this debilitating disease rather than its symptoms.
Net research and development expenditures for the third quarter
of 1999 were $189,000, compared with $1.9 million in the third quarter
of 1998. The decrease reflects not only the payments from P&U, but
also a reduction in personnel, which occurred in the fourth quarter of
1998.
As of September 30, 1999, InSite Vision had cash and cash
equivalents of $3.0 million, compared to $1.0 million at the end of
the 1998. The primary contributor to this increase was the two
purchases by P&U of InSite common shares, totaling $3.5 million, as
part of the January 1999 agreement. This was partially offset by cash
used in operating activities.
"We are pleased with the clinical accomplishments we and our
partner P&U have been able to achieve during the past several months
and remain committed to the development of ISV-205 and ISV-900. Also,
we are excited about the commencement of additional ISV-205 clinical
trials," said Dr. S. Kumar Chandrasekaran, Chairman and Chief
Executive Officer of InSite Vision. We are continuing our negotiations
of ISV-900, our genetic based system for the prognosis, diagnosis and
management of glaucoma and look forward to reporting on those efforts
in the future."
The InSite Vision presentation at the 16th Annual BancBoston
Robertson Stephens Medical Conference will be at 4:00 p.m. on
Wednesday, December 1, 1999. "This is an excellent opportunity for
InSite Vision to update the investment community on the outlook for
ISV-205, ISV-900 and several other projects the Company is pursuing,"
commented Dr. Chandrasekaran.
InSite Vision is an ophthalmic product development company
focused on genetic research for diagnosis and prognosis of glaucoma
and a novel glaucoma treatment using its proprietary DuraSite(R)
technology.
This press release contains, among other things, certain
statements of a forward-looking nature relating to 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-Q for the quarter ended June 30, 1999.
InSite Vision Incorporated
Condensed Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 1999 and 1998
(in thousands, except per share amounts; unaudited)
Three months ended Nine months ended
September 30, September 30,
1999 1998 1999 1998
Royalty revenue $ 2 $ 3 $ 10 $ 21
Operating expenses:
Research and
development, net 189 1,940 1,140 5,193
General and
administrative 550 716 1,737 2,005
Total 739 2,656 2,877 7,198
Loss from operations (737) (2,653) (2,867) (7,177)
Interest and other
income, net 18 75 52 257
Net loss (719) (2,578) (2,815) (6,920)
Non-cash preferred
dividends 1 104 21 479
Net loss applicable to
common stockholders $ (720) $ (2,682) $ (2,836) $ (7,399)
======== ======== ======== ========
Net loss per share
applicable to common
stockholders $ (0.04) $ (0.18) $ (0.15) $ (0.51)
======== ======== ======== ========
Shares used to calculate
net loss per share basic
and diluted 19,711 14,971 18,953 14,616
Condensed Consolidated Balance Sheets
At September 30, 1999 and December 31, 1998
(in thousands; unaudited)
September 30, December 31,
1999 1998
Assets:
Cash and cash equivalents $ 3,001 $ 1,037
Property and equipment, net 129 859
Prepaid expenses and other assets 409 190
Total assets $ 3,539 $ 2,086
Liabilities and stockholders'
equity (deficit):
Current liabilities $ 1,301 $ 683
Redeemable preferred stock 29 1,511
Stockholders' equity (deficit) 2,209 (108)
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Total liabilities and
stockholders' equity (deficit) $ 3,539 $ 2,086
*T
CONTACT:
InSite Vision Inc.
Sandra Heine, 510/865-8800
Investor Contacts: Burns McClellan, 212/213-0006
Jonathan M. Nugent (Investors)
Kathy Jones, Ph.D. (Media) |
