ALAMEDA, Calif.--(BUSINESS WIRE)--InSite Vision Incorporated (AMEX:ISV) today announced that it has closed a private placement to institutional investors of $60 million in aggregate principal amount of non-convertible, non-recourse promissory notes. The notes are secured by royalties to be paid from sales in the United States and Canada of AzaSite® (azithromycin ophthalmic solution) 1%, a drug licensed to and sold by Inspire Pharmaceuticals for the topical treatment of bacterial conjunctivitis (pink eye).
