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Proxy advisory firm supports election of dissident slate to InSite board
By Lisa Kerner
Charlotte, N.C., Sept. 15 - Proxy Governance, Inc. recommended that InSite Vision Inc. stockholders vote for the dissident slate of six nominees for election to the company's board on Sept. 22 and to reject InSite's current board, including its chief executive officer.
According to PTV Sciences, the proxy advisory firm supports its nominees Rick Anderson, Tim Lynch, Tim McInerney, Evan Melrose, M.D., Robert O'Holla and Anthony Yost.
"This is now the third independent proxy advisory firm that has publicly rejected the failing board of directors and CEO Kumar Chandrasekaran and supported PTV Sciences' nominees," PTV Sciences managing director Rick Anderson said in a news release.
"We are looking forward to implementing the much-needed positive change at InSite Vision in the coming months," Anderson added.
PTV Sciences said the Proxy Governance report highlighted InSite's failure in partnership and financial management and focused on the in-depth experience of PTV Sciences' nominees.
In addition, Proxy Governance remained unconvinced that PTV Sciences is trying to take control of InSite, as the company alleges, according to PTV Sciences.
InSite recently disagreed with RiskMetrics Group/ISS' recommendation that the company's shareholders vote for four of the six dissident nominees.
According to InSite, RiskMetrics failed to recognize that PTV Sciences is not offering to pay stockholders a change-of-control premium and is not offering any new plans other than those that InSite has implemented or is considering.
It was previously reported that proxy advisory firm Glass, Lewis & Co., LLC said "there appeared to be insufficient cause to award a dissident majority control, partially due to the lack of a detailed strategic plan," an InSite news release said.
InSite Vision is an Alameda, Calif., ophthalmic company developing therapies to treat ocular infections, glaucoma and retinal diseases.
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