Settlement Discussions Between PTV Sciences and InSite Vision End
HOUSTON and AUSTIN, Texas, Sept. 19 /PRNewswire/ -- PTV Sciences, a
healthcare venture capital and growth equity firm, announced today that
recent settlement efforts have ended between PTV Sciences and InSite Vision
Incorporated (Amex: ISV). Accordingly, PTV Sciences recommends that all
stockholders 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. The Company's annual meeting is scheduled
for Monday, September 22, 2008 at 10 a.m., PDT.
PTV Sciences negotiated in good faith for the last ten days in an
effort to resolve the ongoing proxy contest. Despite PTV Sciences'
willingness to accept minority representation on the Board of Directors, it
became increasingly clear that the incumbent Board is not fully committed
to much-needed management changes, as demonstrated by their inability to
agree to a reasonable transition plan for the company's chief executive
officer, Dr. Kumar Chandrasekaran. In particular, it was troubling that
they insisted on providing him with severance benefits beyond what was
provided by the "golden parachute" the Board gave him last year, while
demanding that they also be allowed to provide him a multi-year continuing
role in key operations of the Company after a new CEO had been hired. PTV
Sciences no longer believes that obtaining a minority position on this
recalcitrant Board would be a workable solution in the best interests of
all stockholders.
If PTV Sciences' nominees are elected by stockholders, we intend to
work with current management, including Dr. Chandrasekaran, to implement a
thoughtful transition plan that will benefit all stockholders. We thank
stockholders for their continued support of our desire to effect
meaningful, positive changes at InSite Vision and we encourage all
stockholders to participate by voting their shares at the annual meeting on
Monday, September 22, 2008.
All stockholders are encouraged to sign, date and return the GOLD proxy
card, if they have not already done so. Stockholders 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 Vision
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, for PTV
Sciences
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