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12:00 AM
 | 
Aug 15, 2011
 |  BioCentury  |  Strategy

InSite's new vision

InSite Vision resized, refunded, refocusing on late-stage ophthalmology pipeline

InSite Vision Inc. thought it was poised for success in 2007 when, after 20 years of effort and more than $52 million raised from investors, the company's first drug, AzaSite 1% azithromycin ophthalmic solution, was approved by FDA for bacterial conjunctivitis (pink eye).

Instead, according to CEO Timothy Ruane, an ill-considered partnership and poor commercial planning got the company into trouble.

Insite now has re-emerged as a leaner entity. The company tapped the equity markets last month to fund its new plans to refocus on four clinical ophthalmology programs.

Ironically, Ruane said it was AzaSite that led to trouble, when the company licensed exclusive U.S. and Canadian marketing rights to Inspire Pharmaceuticals Inc. in 2007.

"InSite partnered with somebody who aspired to be a commercial ophthalmic organization," he noted. "It might have been smarter to take lesser terms with a partner that already was a commercial...

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