InSite Vision Names Louis Drapeau Interim CEO
“On behalf of the Board, I would like to thank Dr. Chandrasekaran for his many years of leadership and dedication to InSite Vision, building a legacy of valuable technology, product applications and intellectual property,” said Dr. Melrose, Chairman of the Board, InSite Vision . “Mr. Drapeau brings extensive biotechnology senior management experience, having previously held leadership positions with Nektar Therapeutics and BioMarin Pharmaceuticals. This background, plus his knowledge of InSite Vision, will ensure a smooth transition and enable him to provide strong guidance for the company in the coming months. The Board and I look forward to working with Lou to execute on strategic priorities that will position this company for future growth and drive value for patients and shareholders.”
“InSite Vision is in a position to deliver new and valuable ophthalmic products to patients,” stated Louis Drapeau, InSite’s interim CEO. “I am excited about the opportunity to work closely with Evan, the Board and the employees of InSite to build on what is a strong foundation in ophthalmic care.”
Louis Drapeau
Louis Drapeau joined InSite Vision in October 2007 as Vice President and Chief Financial Officer. Previously, he served as Chief Financial Officer, Senior Vice President, Finance, at Nektar Therapeutics, where he oversaw accounting, financial planning, information technology, internal auditing, and investor relations. Prior to Nektar, he served as acting Chief Executive Officer from August 2004 to May 2005 and as Senior Vice President and Chief Financial Officer from August 2002 to August 2005 for BioMarin Pharmaceutical Inc. Previously, Mr. Drapeau spent 30 years at Arthur Andersen including 19 years as an Audit Partner in Arthur Andersen’s Northern California Audit and Business Consulting practice which included 12 years as Managing Partner. He serves as a Director of Bio-Rad Laboratories, InterMune, Inc. and BioNovo Inc.
Mr. Drapeau received both his undergraduate degree in mechanical engineering and a M.B.A. from Stanford University.
Dr. Evan Melrose
Dr. Melrose has served as Managing Director at PTV Sciences, a healthcare venture capital firm, since January 2003. From January 2000 to January 2003, Dr. Melrose was a Director with Burrill & Company, a San Francisco-based life sciences venture capital firm. Prior, Dr. Melrose was involved in health care startups in Philadelphia and clinical private practice. Over the course of his healthcare investment career he has been directly involved in multiple initial public offerings, several acquisitions, and several dozen private healthcare investments. Dr. Melrose has held faculty appointments at the University of California, San Francisco, the University of Pennsylvania and Baylor College of Medicine. He currently serves on the Board of Bioform Medical, Inc.
Dr. Melrose received his B.A. from the University of Pennsylvania, his M.D. from Indiana University and his M.B.A. from the Wharton School of the University of Pennsylvania.
About InSite Vision
InSite Vision develops novel ocular pharmaceutical products using its DuraSite® bioadhesive polymer core technology to enable topical delivery and sustained release of existing drug molecules for reduced frequency of treatment and improved efficacy. By formulating the well-established antibiotic azithromycin in DuraSite, InSite developed the lowest-dosing ocular antibiotic available to the United States ophthalmic market, AzaSite® (azithromycin ophthalmic solution) 1%, launched by Inspire Pharmaceuticals in the United States for the treatment of bacterial conjunctivitis (pink eye). In addition, InSite has signed licensing and distribution agreements with Shin Poong Pharm in South Korea; Bioceutica, Inc. for four countries in South America; Biem, for Turkey; and Essex for China; and is seeking other international partners for commercialization and distribution of AzaSite.
InSite is pursuing the expansion of its portfolio of anti-infective ophthalmic products to include ISV-502, which is currently in Phase 3 pivotal trials for the treatment of eye and eye lid infections and inflammation, currently an unmet need. In addition, the company is investigating other product and collaboration opportunities with both the DuraSite-azithromycin platform and/or with DuraSite and other molecules.
Forward Looking Statements
This news release contains certain statements of a forward-looking nature relating to future events, including InSite Vision’s search for a new CEO, its transition until a new CEO is recruited, InSite’s plans to advance strategic priorities that will position the company for growth and drive value for patients and shareholders, InSite’s plans to advance its AzaSite family of products, InSite’s plans regarding further marketing and distribution of AzaSite outside its currently licensed territories, InSite’s corporate goals, and InSite’s plans for products outside of its AzaSite franchise. Such statements entail a number of risks and uncertainties, including but not limited to: InSite’s reliance on third parties, including Inspire, for the commercialization of AzaSite and its other products; InSite’s ability to identify and hire a permanent CEO and ability to retain Mr. Drapeau and other key management now and in the future; the ability of InSite to enter into corporate collaborations for AzaSite outside its currently licensed territories, and with respect to its other product candidates, including ISV-502; Inspire’s ability to successfully market AzaSite in the United States and Canada; the ability of InSite’s international partners to obtain approval to market AzaSite outside the U.S. and Canada; InSite’s ability to commence clinical trials with respect to its various product candidates and the results of such trials; the clinical results of InSite’s product candidates; InSite’s ability to expand its technology platform to include additional indications; InSite’s ability to compete effectively, either alone or through its partners, with other companies offering competing products or treatments; InSite’s ability to maintain and develop additional collaborations and commercial agreements with corporate partners, including those with respect to AzaSite, ISV-502, and AzaSite Xtra; its ability to adequately protect its intellectual property and to be free to operate with regard to the intellectual property of others; and determinations by the FDA, including those with respect to ISV-502. Reference is made to the discussion of these and other risk factors detailed in InSite Vision’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q, under the caption “Risk Factors” and elsewhere in such reports. Any forward looking statements or projections are based on the limited information currently available to InSite Vision, which is subject to change. Although any such forward looking statements or projections and the factors influencing them will likely change, InSite Vision undertakes no obligation to update the information. Such information speaks only as of the date of its release. Actual events or results could differ materially and one should not assume that the information provided in this release is still valid at any later date.
Contact:
InSite Vision Incorporated Joyce Strand, 510-747-1220
Source: InSite Vision Incorporated