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InSite Vision Inc. (INSV.OB) Awarded Therapeutic Discovery Project Grant

InSite Vision Inc. announced yesterday that they will receive $489,000 under the U.S. Government’s Qualifying Therapeutic Discovery Project (QTDP) program. The grant was awarded in recognition of two clinical-stage programs. One is ISV-502, a product candidate being developed for the treatment of blepharitis. The other is ISV-303; a topical anti-inflammatory product intended to reduce the pain and inflammation associated with ocular surgery.

The QTDP credit is available to biotechnology companies who are conducting studies or carrying out research for the purpose of securing approval from the U.S. Food and Drug Administration for products that address an area of unmet medical need or prevent, detect or treat chronic or acute diseases or conditions. A total of $1 billion in grants or tax credits was made available to companies with 250 employees or fewer, under the QTDP program. Grants may cover up to 50 percent of the costs of qualifying biomedical research. Projects were selected jointly by the Treasury Department and the Department of Health and Human Services.

ISV-502 is a topical antibiotic and anti-inflammatory agent that combines 1% azithromycin and 0.1% dexamethasone in InSite’s patented DuraSite® sustained delivery vehicle. ISV-502 is a late-stage clinical candidate undergoing development for the treatment of blepharitis. Blepharitis is a chronic, recurring condition characterized by an inflammation of the eyelids. It causes red, irritated, itchy eyelids and dandruff-like scales on eyelashes. There are currently no prescription pharmaceutical products approved for blepharitis.

InSite Vision Incorporated is initially developing ISV-303 for use in a post-operative setting to suppress or reduce inflammation and eye pain. ISV-303 combines a low concentration of the non-steroidal anti-inflammatory bromfenac with DuraSite; InSite Vision’s proven bioadhesive polymer technology. In preclinical studies, ISV-303 demonstrated a superior delivery and ocular distribution profile when compared to the commercially available bromfenac eye drop.

Louis Drapeau, InSite Vision’s Chief Executive Officer, stated, “We are pleased the ISV-303 and ISV-502 programs have been recognized by the Department of Health and Human Services as worthy of this award. These funds will be used to support the ongoing clinical development of these two promising therapeutic candidates.”

Headquartered in Alameda, California, InSite Vision is committed to 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. This is an innovative platform that extends the duration of drug retention on the surface of the eye, which reduces frequency of treatment and improves the efficacy of topically delivered drugs.

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