InSite plans to raise $22.2 million

Ophthalmic company InSite Vision Inc. (OTCBB:INSV) plans to raise $22.2 million through the sale of 37 million units at $0.60 per share. Each unit comprises a share and a five-year warrant to purchase 0.4 shares, with each whole warrant exercisable at $0.75. Investors include members of InSite management and a member of the company's board. Piper Jaffray is placement agent. InSite was off $0.04 to $0.63 on Wednesday. ...