InSite Vision Finalizes $60 Mln. Non-Recourse Note Offering

(RTTNews) - InSite Vision Inc. (ISV | news | PowerRating | PR Charts ) on Monday said it closed a private placement to institutional investors of $60 million in aggregate principal amount of non-convertible, non-recourse promissory notes. The company pointed out that the notes are secured by royalties to be paid from sales in the United States and Canada of AzaSite 1%, a drug licensed to and sold by Inspire Pharmaceuticals for the topical treatment of bacterial conjunctivitis.

The company said it intends to use the proceeds of the placement to fund the advancement of its pipeline products, including AzaSite Plus, AzaSite Otic and AzaSite Xtra, for general corporate purposes, and to potentially acquire complementary businesses, products, technologies or other assets.

InSite added that it decided to terminate a shelf registration statement filed in May 2007 in preparation for a potential public offering of equity securities.

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