Third Independent Advisory Firm Rejects Entire Current Board of Directors,
                  Including the CEO, Kumar Chandrasekaran

    HOUSTON and AUSTIN, Texas, Sept. 15 /PRNewswire/ -- PTV Sciences, a
healthcare venture capital and growth equity firm, announced today that
independent proxy advisory firm PROXY Governance, Inc. has issued a
recommendation that stockholders of InSite Vision Incorporated (Amex: ISV)
vote the GOLD proxy card "FOR" all six of PTV Sciences' nominees, Rick
Anderson, Tim Lynch, Tim McInerney, Evan Melrose, M.D., Robert O'Holla, and
Anthony Yost, in connection with the election of directors at the upcoming
annual meeting.

    Rick Anderson, a managing director at PTV Sciences, commented "This is
now the third independent proxy advisory firm that has publicly rejected
the failing Board of Directors and CEO Kumar Chandrasekaran and supported
PTV Sciences' nominees. We are looking forward to implementing the
much-needed positive change at InSite Vision in the coming months."

    In its report, PROXY Governance described its review process as
follows: "In any proxy contest the burden is on the dissidents not only to
demonstrate that the company needs significant help, but that the dissident
nominees can and will provide the help needed, and that the proposed remedy
is proportionate to the problem. When the proposed remedy involves a change
in control of the board -- or displacing a sitting CEO -- we believe the
dissident arguments must clear successively higher bars." After performing
its analysis, PROXY Governance recommended that stockholders vote for ALL
of PTV Sciences' nominees.

    The report highlights InSite's failure in partnership and financial
management, stating that "[w]e particularly note the disappointing sales of
AzaSite, and the company's overwhelming reliance on Inspire as a marketing
partner. In addition, we share Pinto's concerns about the company's $60
million transfusion to fund ongoing R&D operations, which was undertaken at
a very high rate of interest and apparently without attempts to realize
better returns on AzaSite, its one available product."

    The report also focused on the in-depth experience of PTV Sciences'
nominees, and an underlying confidence in their abilities to transform the
stagnant research focused InSite Vision into a multi-product, commercial
stage, publicly traded company. PROXY Governance's analysis further
provides that PTV Sciences' nominees have "the necessary background and
[its nominees have the] relevant industry experience to lead the company
through the transition from its research and development focus into a
commercialization phase, and thus toward a more successful future. Pinto is
primarily focused on bringing both its technical and operational knowledge
to the companies in its portfolio and has put forth nominees with the
healthcare management backgrounds necessary to aid in the company's
transition; in fact, five of its six nominees have ophthalmic experience
ranging from management positions in ophthalmic companies to providing
financing for start-ups to actual medical practice."

    The report also challenged the company's unfounded allegations that PTV
Sciences is trying to take control over the company, noting that PROXY
Governance was "... struck by the fact the Pinto has not acted as an
activist shareholder before and, despite holding a sizable percentage of
the company's outstanding common stock, has not previously sought any
representation on the board. Neither of these suggest, as the company
contends, that this proxy contest is driven primarily by a desire for
control of the company -- but rather, as the dissidents have argued, that
the proxy contest represents a last line of defense for shareholders
watching their investment atrophy. This is a proxy challenge led by a
long-term, significant shareholder with a track record of working with, not
displacing, the management of the companies in which it invests. The most
compelling explanation for the proxy challenge, we believe, is the argument
the dissidents have laid out, tracing the serious decline in shareholder
value over the past several years to the lack of managerial and board
expertise in the new challenges the company faces in this inflection point
in its history."

    In closing, PROXY Governance recommended that InSite Vision
stockholders reject the current Board of Directors and CEO Kumar
Chandrasekaran and vote FOR all six of PTV Sciences' nominees, noting their
"vision and expertise" will "better enable the company to move beyond its
current moribund state and more effectively transform its potential into
long-term shareholder value."

    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 is a healthcare venture capital and growth equity firm
focused on enabling healthcare entrepreneurs and global innovation. We are
a highly collaborative investment team of 22 professionals, deeply
experienced as investors and operators of life science companies. PTV
Sciences focuses on enabling industry leading companies and investing in
extraordinary people in the healthcare and life sciences sector, including
ophthalmology, medical devices, biotechnology, pharmaceuticals, and
diagnostics.

    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.

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