Hear anymore on this yet Rain....
Friday, July 17, 2009
InSite’s fork in the road: Buyer or seller?
The fate of InSite Vision Inc. rests in an investment banker’s report.
Piper Jaffray is evaluating a short list of potential buyers or acquisition targets, said Lou Drapeau, CEO of the Alameda developer of the pink eye treatment AzaSite. Whether InSite will be a buyer or a seller depends on its roughly $30 million in cash and royalties from AzaSite distribution deals.
“With the capital we have, there’s no desperation,” Drapeau said. “We want to take whatever’s good for the company.”
InSite, which was delisted in April by the American Stock Exchange and whose stock now is sold over the counter, also stands to get royalties from Bausch & Lomb’s Besivance, which uses a synthetic polymer developed by InSite.
From August 6th PR: InSite Vision continued its work with Piper Jaffray & Co. to identify and evaluate strategic opportunities. This process continues to make progress and management will provide future updates, as available.
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