InSite Vision (ISV) Announces Achievement Of The $1 Million Milestone From The Sale Of Besivance® Royalty
2/4/2014 9:36:43 AM
ALAMEDA, Calif.--(BUSINESS WIRE)--InSite Vision Incorporated (OTCBB: INSV) today announced that Besivance 2013 net sales achieved the levels necessary to earn InSite Vision an additional $1 million milestone payment from the Besivance royalty purchasers, SWK Funding LLC, a wholly-owned subsidiary of SWK Holdings Corporation (OTCBB: SWKH), and Bess Royalty, L.P. The $16 million total cash consideration to InSite Vision included a $15 million upfront payment in April, 2013, and a $1 million milestone payment which will be paid this month. Besivance (besifloxacin ophthalmic suspension) 0.6% is marketed globally by Bausch + Lomb, a wholly owned subsidiary of Valeant Pharmaceuticals International, for the treatment of bacterial conjunctivitis.
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