InSite Vision Inc. announced late Thursday that it will bravethe moribund public equity markets for biotech stocks. TheAlameda, Calif.-based company filed with the Securities andExchange Commission for an initial public offering of threemillion shares of common stock with a proposed price range of$10 to $12. All of the shares will be sold by the company.

Morgan Stanley & Co. Inc. of New York and Robertson, Stephens& Co. L.P. of San Francisco will serve as co-managers inunderwriting the offering.

InSite is focused on the development of ophthalmicpharmaceutical products for the treatment of ocular diseases.The company claims that its lead drug-delivery technology,DuraSite, has the potential to improve the safety and efficacy ofexisting ophthalmic products.

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