Glass Lewis & Co. Recommends that Stockholders Vote the GOLD Card in
Favor of PTV Nominee Rick Anderson
AUSTIN and HOUSTON, Texas, Sept. 11 /PRNewswire/ -- PTV Sciences
("PTV"), a healthcare venture capital and growth equity firm, is pleased to
announce that Glass Lewis and Co., LLC, a leading proxy advisory and
corporate governance firm, recommended that the stockholders of InSite
Vision Incorporated (Amex: ISV) vote the GOLD proxy card in favor of PTV's
nominee Rick Anderson in connection with the election of directors at the
upcoming annual meeting and that they NOT VOTE the Company's white proxy
card. In particular, Glass Lewis rejected the entire management slate,
including the Chairman and Chief Executive Officer, Kumar Chandrasekaran.
Dr. Evan Melrose, a managing director at PTV Sciences, comments "The
independent, third party review of this proxy contest clearly underscores
the critical need for change at InSite Vision, and a lack of confidence in
the current Board of Directors. We believe that this report clearly
highlights the long term poor underperformance of the current CEO and board
of directors and serves as a clear 'vote of no confidence' in their
leadership."
The report also states that "we believe [PTV] has succeeded in
highlighting a pattern of dismal underperformance by the Company's stock
price over the past two years." The research report also highlighted InSite
Vision's poor corporate governance policies, stating that: "the Company has
neither appointed an independent chairman nor an independent lead or
presiding director. We view an independent chairman as better able to
oversee the executives of the Company and set a pro-shareholder agenda
without management, and consequently, without conflicts that an executive
insider or affiliated director might face. This, in turn, leads to a more
proactive and effective board of directors..."
The report concluded that "we agree with [PTV] that the Company's stock
price has shown troubling underperformance relative to peers and relevant
indices over the past two years. Further, we note that five of the six
directors have served on the board since at least 1999. Based on these
considerations, we believe that the presence of new directors on the board
may provide a fresh perspective to tackle the Company's challenges."
In support of its recommendation that stockholders cast their votes on
the GOLD card in favor of Mr. Anderson, Glass Lewis stated that "based on
his experience as an executive at certain health care and medical device
companies, we believe [Mr. Anderson] may provide a much needed impetus to
effect change at the Company."
The report states "Given [PTV's] substantial long term interest in the
Company, we believe that their interests are aligned with the rest of the
Company's shareholders."
PTV Sciences continues discussions with stockholders as part of the
InSite Vision proxy contest and has announced a detailed plan to accelerate
the growth of InSite Vision after the upcoming Annual Stockholders Meeting
on September 22, 2008.
All stockholders are encouraged to sign, date and return the GOLD proxy
card. You may also vote by phone or on the Internet by following the
instructions on the GOLD proxy card. Do not return any WHITE proxy card
that you receive from management. If you have any questions or need
assistance voting your shares, please contact MacKenzie Partners, Inc.,
which is assisting us in this matter, toll-free at (800) 322-2885 or
insiteproxy@mackenziepartners.com.
About PTV Sciences
PTV Sciences (http://www.ptvsciences.com), founded in 2003, is a healthcare
venture capital and growth equity firm focused on building industry leading
companies and investing in extraordinary people. PTV Sciences has a team of
22 investment professionals representing the leading clinicians,
scientists, academic institutions, and entrepreneurs. PTV Sciences has
offices in Austin and Houston, TX.
Notice
In connection with InSite Vision Incorporated's upcoming 2008 annual
meeting of stockholders (the "Annual Meeting"), on August 18, 2008, Pinto
Technology Ventures, L.P. ("PTV"), filed with the Securities and Exchange
Commission (the "SEC") a proxy statement (the "PTV Proxy Statement") and
related materials for the solicitation of proxies from InSite stockholders
for use at the Annual Meeting. PTV, its director nominees and certain of
PTV's affiliates are or may be deemed to be participants in the
solicitation of proxies with respect to the Annual Meeting. Information
regarding PTV, its nominees and such participants is contained in the
Schedule 14A and related materials filed by PTV with the SEC. InSite
stockholders should read the PTV Proxy Statement and related materials
filed with the SEC with respect to the Annual Meeting because they contain
important information. These materials are available without charge at the
SEC's website at http://www.sec.gov.
SOURCE PTV Sciences
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Related links:
http://www.ptvsciences.com
CONTACT:
CONTACT: Kelley L. Eddington, Fund
Administrator of PTV Sciences, +1-512-542-0010,
kelley@ptvsciences.com; or Joseph Doherty, of MacKenzie Partners,
Inc., +1-212-929-5500, insiteproxy@mackenziepartners.com
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