Insite Vision Inc. (ISV) announced a restructuring to support its focus on identifying and developing ophthalmological products for unmet eye-care needs. The company's restructuring resulted in the elimination of 15 positions or 52% of its employees.
InSite expects that the combination of this restructuring and the restructuring conducted in December 2008 will reduce its annual operating expenses by about $4.0 million annually. A one-time charge of about $0.4 million is expected to be incurred in the second quarter of 2009. Employees affected by the restructuring are eligible for a package that includes severance pay and continuation of benefits.
For comments and feedback: editorial@rttnews.com