New board for InSite

InSite Vision Inc. is a developer of eye-care related products, based in California and chartered in Delaware.

It held its annual meeting Monday. At that time, shareholders had the opportunity to vote on a chalenge slate -- six nominees for the InSite board put forward by a venture capital firm, PTV Sciences. Six seats constitutes the whole of the board.

Yesterday, in a press release, InSite acknowledged based on prelim figures that PTV appears to have won. "It is time for management and the new Board to focus on the road ahead and work together to transform the company into a successful, multiple-product organization," said the good sports.

PTV has claimed that InSite hasn't delivered on the profit potential of its products, especially in light of its $5.8 million loss in the second quarter of this year.

InSite is perhaps best known for the eye-infection treatment AzaSite, which contains azithromycin. Insite scored something of a coup in early 2007 when it concluded a patent-licensing deal with Pfizer, becoming the licensee of all Pfizer's azithromycin related patents.

Back in those balmy days, the company's stock was selling for $1.50 a share. But investors have a habit of askling, "what have you done for me lately," and the stock has been sliding since last summer. These days it trades around $0.50.

Hence the new board.