InSite Vision has entered into a private placement financing transaction of approximately $22.2 million in exchange for the issuance of approximately 37 million shares of InSite Vision common stock and warrants to purchase approximately 14.8 million shares of InSite Vision common stock.

InSite Vision will use the net proceeds to fund clinical trials and for general corporate purposes, including working capital.

Piper Jaffray & Co. served as sole placement agent and JMP Securities served as financial advisor in connection with the transaction.