UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 26, 2009
InSite Vision Incorporated
(Exact name of registrant as specified in its charter)
| Delaware | | 1-14207 | | 94-3015807 |
(State or other jurisdiction of incorporation) | | (Commission File No.) | | (I.R.S. Employer Identification Number) |
965 Atlantic Ave.
Alameda, California 94501
(Address of principal executive offices)
Registrant’s telephone number, including area code: 510-865-8800
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On March 26, 2009, InSite Vision Incorporated, or the Company, announced a corporate restructuring designed to enable the Company to better focus on identifying and developing ophthalmological products for unmet eye care needs. The restructuring decreased the Company's personnel by approximately 52 percent. Employees affected by this restructuring were provided a severance package that includes severance pay and continuation of benefits. A one-time charge of approximately $400,000 will be incurred in the first quarter of 2009. The majority of the cash expenditures for this restructuring will be made in the second quarter of 2009. The Company expects savings from this restructuring to reduce annual operating expenses by approximately $2.0 million.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 30, 2009
INSITE VISION INCORPORATED (Registrant) |
| By: | /s/ Louis Drapeau | |
| Name: | Louis Drapeau | |
| Title: | Interim Chief Executive Officer, Vice President, and Chief Financial Officer | |
