InSite Vision Reports First Quarter Results
ALAMEDA, Calif.--(BW HealthWire)--May 13, 1999--InSite Vision
Incorporated (AMEX:ISV) today announced its financial results for the
quarter ended March 31, 1999.
For the quarter, InSite Vision recorded a net loss of $1.1
million, or $0.06 per common share. For the corresponding period last
year, InSite Vision recorded a loss of $2.2 million, or $0.15 per
common share. This decrease in the net loss was primarily due to
reimbursements from Pharmacia & Upjohn (P&U) of certain research and
development expenses related to the Company's glaucoma treatment
product, ISV-205.
Net research and development expenditures for the first quarter
of 1999 were $455,000, compared with $1.5 million in the first quarter
of 1998. In January 1999, InSite Vision entered into a licensing
transaction with P&U for ISV-205. In addition to funding for certain
costs related to the product, the transaction provided for an
immediate equity investment by P&U and the potential for future equity
investments based on achievement of certain milestones.
As of March 31, 1999, InSite Vision had cash and cash equivalents
of $2.2 million, compared to $1.0 million at December 31, 1998. The
increase in the cash and cash equivalents resulted from the completion
of the ISV-205 transaction with P&U that provided InSite with
operating capital through licensing and stock purchasing agreements.
"During the first quarter, we have made significant strides in
the further development of ISV-205, which is now being spearheaded by
P&U," said Dr. S. Kumar Chandrasekaran, Chairman and Chief Executive
Officer of InSite Vision. "We are looking forward with great
anticipation to key clinical trials during the second half of this
year."
"In addition to advancing the development of ISV-205, our
partnership with P&U has contributed to our current financial
position. This has given InSite an opportunity to negotiate with
potential partners for ISV-900, which takes glaucoma detection to the
genetic level. As I reported last quarter, we are currently talking
with a number of companies that have expressed interest in our ISV-900
products."
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-K for the year ended December 31, 1998.
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InSite Vision Incorporated
Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 1999 and 1998
(in thousands, except per share amounts; unaudited)
Three months ended
March 31,
1999 1998
Royalty revenue $ 7 $ 15
Operating expenses:
Research and development, net 455 1,544
General and administrative 638 571
Total 1,093 2,115
Loss from operations (1,086) (2,100)
Interest and other income, net 12 100
Net loss (1,074) (2,000)
Non-cash preferred dividends 12 190
Net loss applicable to
common stockholders $ (1,086) $ (2,190)
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Net loss per share applicable to
common stockholders $ (0.06) $ (0.15)
Shares used to calculate net loss
per share basic and diluted 18,261 14,411
InSite Vision Incorporated
Condensed Consolidated Balance Sheets
At March 31, 1999 and December 31, 1998
(in thousands; unaudited)
March 31, December 31,
1999 1998
Assets:
Cash and cash equivalents $ 2,244 $ 1,037
Prepaid expenses and other assets 189 190
Property and equipment, net 748 859
Total assets $ 3,181 $ 2,086
Liabilities and stockholders'
equity (deficit):
Current liabilities $ 780 $ 683
Redeemable preferred stock 695 1,511
Stockholders' equity (deficit) 1,706 (108)
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Total liabilities and
stockholders' equity (deficit) $ 3,181 $ 2,086
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CONTACT:
InSite Vision
Sandra Heine, 510/865-8800
or
Core Communications Group, Inc. (Investor Contacts)
Robert Ferri, 415/331-7003 (SF)
rferri@nextwavestocks.com
Joshua Z. Levine, 516/487-8322 (NY)
jzlevine@nextwavestocks.com |
