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Biotech / Medical : Insite Vision Inc. -- Ignore unavailable to you. Want to Upgrade?

To: David Bogdanoff who wrote (970)	9/8/1999 12:42:00 PM
From: bob zagorin	Respond to of 1060

InSite Vision Receives $1.5 Million Milestone Investment From Pharmacia & Upjohn ALAMEDA, Calif.--(BW HealthWire)--Sept. 8, 1999--InSite Vision Incorporated (AMEX: ISV) today announced receipt of a $1.5 million milestone payment from Pharmacia & Upjohn (P&U) (NYSE:PNU) for the completion of Phase II clinical trials evaluating the Company's ISV-205 glaucoma treatment and other related activities. The milestone payment takes the form of an equity investment, increasing P&U's ownership of InSite Vision's common shares to just under 10%. P&U licensed ISV-205 from InSite in January 1999. Under the terms of the agreement P&U will be responsible for continued clinical development with InSite's technical assistance, and will be responsible for marketing the product upon approval. "The successful completion of the ISV-205 Phase II clinical trial and the milestone payment associated with it underscores InSite's progress in it's ISV-205 glaucoma treatment program," commented, Dr. S. Kumar Chandrasekaran, Chairman and CEO of InSite. "Looking forward, we are excited at the prospect of continued momentum as we pursue the development of a product to aid in the fight against glaucoma." Glaucoma, a disorder characterized by an increase in the pressure of the fluid inside the eye, is the leading cause of preventable blindness in the United States, effecting an estimated 2-3 million people. Recent evidence indicates that one of the causes of the disease is change in the TIGR gene in glaucoma patients. These changes may lead to overproduction of the TIGR protein, which may plug up the drainage system of the eye, resulting in a buildup of pressure in the eye as well as optic nerve damage associated with glaucoma. ISV-205 is a unique formulation of diclofenac, a non-steroidal anti-inflammatory drug (NSAID) delivered to the eye using InSite's proprietary sustained-release DuraSite(R) technology. ISV-205 is specifically designed to inhibit the production of the TIGR protein, thereby reducing intraocular pressure elevations within the eye. Thus, ISV-205 treats the cause of the disease rather than the symptoms. Also, it complements InSite's genetic diagnostic tests (ISV-900) which have utilities in predicting the severity of the disease, determining pharmacodynamic response to anti-glaucoma medications, and detecting glaucoma susceptibility. 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. CONTACT: InSite Vision Inc. Sandra Heine, 510/865-8800 or Core Communications Group, Inc. (Investor Contact) Robert Ferri, 415/331-7003 rferri@nextwavestocks.com Joshua Z. Levine, 516/487-8322 jzlevine@nextwavestocks.com