![](\"\/\/s.hotstocked.com\/hotstocked.com\/repository\/articles\/91\/91362\/insv_6m_450x350.png\")
<\/p>\n<\/p>\n
Back in early June the stock of Insite Vision Inc. (OTCMKTS:INSV<\/a>) was trading at 14 cents per share. Yesterday the company closed at a new 52-week high of $0.355 per share. As a whole the ticker has gained over 153% in less than three months. A truly impressive performance but what caused investors to change their sentiment towards the stock so drastically?<\/p>\n It is true that INSV<\/a> <\/strong>is far from the typical pennystock. The company is developing ophthalmic products for unmet eye care needs and has two commercial products – AzaSite and Besivance. They have also filed an NDA for BromSite (0.075% bromfenac) for the treatment of inflammation and prevention of pain associated with cataract surgery. INSV<\/a>‘s <\/strong>financials are not that bad either. For the quarter ended June 30 they reported the following results:<\/p>\n • $1.75 million cash It is clear that with such a massive working capital deficit and equally as alarming net loss the reason for the stock’s ascent up the chart must lie elsewhere.<\/p>\n And indeed – on June 8 INSV<\/a> <\/strong>announced that they had entered into a definite agreement with QLT Inc. (NASDAQ:QLTI) under the terms of which QLT is going to acquire InSite <\/strong>for $0.178 per share in an all-share transaction. Then, however, an unnamed “multinational pharma” stepped in with a new offer – 25 cents per share but this time paid in cash.<\/p>\n QLT were not ready to give up and they improved the terms of their stock deal agreeing to adjust the exchange ratio to a minimum of $0.25 per share and a maximum of $0.30. Not a bad deal but in the end QLT were simply outbidded – on September 3 INSV<\/a> <\/strong>received a second offer from a global pharmaceutical company, yesterday it was finally revealed that the company is Sun Pharmaceutical Industries Ltd., who were ready to buy all of the outstanding shares at a price of $0.35 each. Understandably INSV<\/a> <\/strong>decided to go with this offer. The $2.6 million termination fee they owed to QLT was handled by Sun Pharmaceuticals. The acquisition is currently expected to be closed in the fourth quarter of 2015.<\/p>\n
• $3.2 million total current assets
• $17.4 million total current liabilities
• $392 thousand total revenues
• $6.6 million net loss<\/p>\n