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

To: bob zagorin who wrote (923)	3/4/1999 12:12:00 PM
From: bob zagorin	Read Replies (1) \| Respond to of 1060

InSite Vision Licenses AquaSite to Global Damon Pharm ALAMEDA, Calif.--(BW HealthWire)--March 4, 1999--InSite Vision Incorporated (AMEX:ISV), today announced that it has signed an agreement to license its proprietary dry-eye treatment, AquaSite(R), to Global Damon Pharm (Global Damon), a Korean company. The license appoints Global Damon as the exclusive distributor of AquaSite in the Republic of Korea for a period of 10 years. Global Damon will pay royalties to InSite Vision on net sales of AquaSite. For logistical reasons and to ensure Global Damon's ready access to the product, InSite has also signed a manufacturing agreement with Kukje Pharma Ind. Co., Ltd. (Kukje), also of Korea. Kukje will produce the AquaSite product to be sold by Global Damon. "These two agreements covering the manufacture and distribution of AquaSite represent an important entry point into the Asian market by InSite Vision," said S. Kumar Chandrasekaran, Ph.D., CEO and Chairman of the Board of InSite. "The large Asian market holds many opportunities for our products, and could serve as a very important market for ISV-900, our glaucoma diagnostic products." An estimated 75% of the glaucoma patients in Japan, for example, exhibit normal eye pressure. This means that the standard screening tests that measure eye pressure are unable to detect their susceptibility to the disease. ISV-900 is designed to enable the early detection of glaucoma and its genetic basis for diagnosis renders it totally independent of physical indicators such as pressure levels in the eye. AquaSite is the first product on the market that utilizes InSite's DuraSite(R) technology. CIBA Vision launched AquaSite in the U.S. over-the-counter (OTC) market in October 1992 as a treatment for dry eye. A common condition, dry eye is frequently precipitated by everyday environmental pollutants, which come in contact with our eyes during normal activities. InSite 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 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 September 30, 1998. CONTACT: InSite Vision Sandra Heine, 510/865-8800 (Company Contact) or Core Communications Group, Inc. Robert Ferri, 415/331-7003 (SF)(Investor Contact) rferri@nextwavestocks.com Joshua Z. Levine, 516/487-8322 (NY) (Investor Contact) jzlavine@nextwavestocks.com