ALAMEDA, Calif.--(BUSINESS WIRE)--InSite Vision Incorporated (OTCBB: INSV) today announced the appointment of Dr. Brian Levy to its Board of Directors.
Dr. Levy brings more than three decades of industry expertise in the development of successful ophthalmic therapeutics. He is currently the Chief Scientific Officer of Nexis Vision, which is developing a novel refractive surgery technology. Previously, he was the Chief Operating Officer of Danube Pharmaceuticals, a company developing therapeutics for the treatment of glaucoma. Prior to that, Dr. Levy was at Bausch & Lomb where he held a series of senior leadership positions, most recently serving as Corporate Vice President and Chief Medical Officer responsible for preclinical, clinical and medical affairs for all Bausch & Lomb businesses worldwide. Among his many accomplishments, he oversaw the development of Besivance®, which is an InSite Vision-licensed drug. Dr. Levy is also a Clinical Professor of Ophthalmology at the University of Rochester in New York. He earned a Doctor of Optometry degree from the University of California, Berkeley in 1976.
“Brian’s 30-plus years of experience in developing treatments for unmet ophthalmic patient needs and his proven leadership in companies large and small will be a wonderful addition to our Board as we aggressively advance our pipeline of late-stage products through Phase 3 clinical development,” said Timothy Ruane, Chief Executive Officer of InSite Vision.
InSite Vision also announced that Rick Anderson, a Managing Director at PTV Sciences, is resigning from the Board to devote more time to other PTV Sciences investments. Mr. Anderson has served on the InSite Vision Board since 2008 and was the chair of the Board’s nominating and governance committee and a member of the audit committee. The total number of InSite Vision Board members remains seven.
Mr. Ruane continued, “Rick has been a strong advocate for positive change for the company and the Board. We will miss his wise counsel and his broad-scale business acumen. We wish him the best of success with the other companies in his investment portfolio.”
InSite Vision has established a pipeline of innovative clinical- and preclinical-stage ophthalmic products leveraging the company’s proven DuraSite® drug delivery platform. The company is developing two Phase 3 product candidates for the treatment of blepharitis: AzaSite Plus™ combines dexamethasone 0.1% with AzaSite® (azithromycin 1% ophthalmic solution) in DuraSite; and DexaSite, which combines dexamethasone 0.1% with DuraSite. Another Phase 3 product candidate, ISV-303 (0.075% bromfenac in DuraSite), is in development for pain and inflammation associated with ocular surgery. In addition, InSite is advancing ISV-101, which combines a low dose of bromfenac with DuraSite, into a Phase 1/2 clinical trial for the treatment of dry eye disease.
About DuraSite®
InSite's DuraSite sustained delivery technology is a patented synthetic polymer-based formulation designed to extend the residence time of a drug relative to conventional topical therapies. It enables topical delivery of a solution, gel or suspension and can be customized for delivering a wide variety of potential drug candidates. The DuraSite platform is currently leveraged in two commercial products for the treatment of bacterial eye infections, AzaSite and Besivance (besifloxacin 0.6% ophthalmic suspension). InSite vision is applying DuraSite to multiple other clinical- and preclinical-stage product candidates to create a portfolio of novel ophthalmic products.
About InSite Vision
InSite Vision is advancing new and superior ophthalmologic products for unmet eye care needs. The company’s product portfolio utilizes InSite Vision’s proven DuraSite® bioadhesive polymer core technology, an innovative platform that extends the duration of drug retention on the surface of the eye, thereby reducing frequency of treatment and improving the efficacy of topically delivered drugs. The DuraSite platform is currently leveraged in two commercial products for the treatment of bacterial eye infections, AzaSite® (azithromycin ophthalmic solution) 1%, marketed in the U.S. by Merck, and Besivance® (besifloxacin ophthalmic suspension) 0.6%, marketed by Bausch & Lomb and their partner Pfizer Inc. InSite Vision’s clinical-stage ophthalmic product pipeline includes AzaSite Plus™ (ISV-502) and DexaSite™ (ISV-305) for the treatment of eye infections, ISV-303 for pain and swelling associated with ocular surgery, and ISV-101 for the treatment of dry eye disease. For further information on InSite Vision, please visit www.insitevision.com.
Forward-looking Statements
This news release contains certain statements of a forward looking nature relating to future events, including InSite's planned Phase 3 trials for AzaSite Plus and DexaSite, the design, timing and potential outcome of same, and the expected benefits of the AzaSite Plus and/or DexaSite products. Such statements entail a number of risks and uncertainties, including but not limited to: the results of clinical trials for AzaSite Plus and DexaSite and the timing thereof; InSite’s ability to obtain FDA approval of AzaSite Plus and/or DexaSite and the timing thereof; InSite's reliance on third parties for the commercialization of its products; the ability of InSite to enter into corporate collaborations for its product candidates; InSite's ability to expand its product platform to include additional indications; InSite's ability to compete effectively, either alone or through its partners, with other companies offering competing products or treatments; InSite's ability to maintain and develop additional collaborations and commercial agreements with corporate partners, including those with respect to AzaSite; its ability to adequately protect its intellectual property and to be free to operate with regard to the intellectual property of others; and determinations by the FDA. Reference is made to the discussion of these and other risk factors detailed in InSite Vision's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q, under the caption "Risk Factors" and elsewhere in such reports. Any forward-looking statements or projections are based on the limited information currently available to InSite Vision, which is subject to change. Although any such forward-looking statements or projections and the factors influencing them will likely change, InSite Vision undertakes no obligation to update the information. Such information speaks only as of the date of its release. Actual events or results could differ materially and one should not assume that the information provided in this release is still valid at any later date.
AzaSite® and DuraSite® are registered trademarks
of InSite Vision Incorporated.
BESIVANCE® is a
registered trademark of Bausch & Lomb Incorporated.