InSite raises $4 million from debt financing

By Sheri Kasprzak

New York, Dec. 30 - InSite Vision Inc. said it has received $4 million from a private placement of secured debt.

The company received commitments for an additional $2 million in principal.

Paramount BioCapital, Inc. was the investor.

The notes have warrants attached.

The full details of the offering, according to a statement from the company, will be released at a later time.

Based in Alameda, Calif., InSite develops therapies used to treat ocular infections and retinal diseases.

On Friday, the company's stock dipped 2 cents to close at $0.83.

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