BioCentury
ARTICLE | Finance

Ebb & Flow

March 3, 2008 8:00 AM UTC

Ophthalmology company InSite Vision managed to get its non-dilutive financing done last week, but it will pay a pretty penny: the interest rate on the $60 million non-convertible note deal is 16%.

Chairman, President and CEO S. Kumar Chandrasekaran acknowledged the steep rate on InSite's earnings call: "Granted the coupon rate on the notes is 16%. It is a little higher than we would have liked, but given today's market condition we believe it is fair based on similar transactions and is certainly preferable to a dilutive equity financing at this time."...