Insys Therapeutics Reports Preliminary Estimated Revenues from Subsys for the Third Quarter 2016
October 13 2016 - 6:50AM
Insys Therapeutics, Inc. (NASDAQ:INSY) ("Insys" or "the Company")
today announced that its preliminary estimated revenues from
Subsys® (fentanyl sublingual spray) for the third quarter of 2016
will be in the range of $54 million to $55 million. The Company
believes it will be cash-flow positive at this level of sales and
will be able to meet its overall objectives of new product
development and future growth.
Estimated revenues for the quarter reflect a decline in
prescriptions as the Company continues to believe that the ongoing
and heightened publicity surrounding the national opioid epidemic
and continuing governmental and regulatory scrutiny of the Company
and the transmucosal immediate release fentanyl (“TIRF”) class
has resulted in a sensitivity by some healthcare providers to
prescribe and dispense TIRF medications. The Company also believes
that continuing scrutiny by third-party payers has resulted in
patients having more difficulty obtaining reimbursement for their
TIRF medications.
Today’s preliminary estimate of revenues from Subsys, which is
unaudited, is based on management's preliminary financial
analysis.
About Insys Therapeutics, Inc.
Insys Therapeutics is a specialty pharmaceutical company that
develops and commercializes innovative drugs and novel drug
delivery systems of therapeutic molecules that improve the quality
of life of patients. Using proprietary sublingual spray technology
and capabilities to develop pharmaceutical cannabinoids, Insys is
developing a pipeline of products intending to address unmet
medical needs and the clinical shortcomings of existing commercial
products. Insys currently markets one product, SUBSYS® (fentanyl
sublingual spray) but has received approval for the marketing of
SYNDROSTM (dronabinol oral solution), a proprietary, orally
administered liquid formulation of dronabinol that Insys believes
has distinct advantages over the current formulation of dronabinol
in soft gel capsule. Insys is committed to developing
medications for potentially treating addiction to opioids, opioid
overdose, epilepsy, and other disease areas with high unmet
need.
SUBSYS® and SYNDROSTM are trademarks of Insys Development
Company, Inc., a subsidiary of Insys Therapeutics, Inc.
Forward-Looking Statements This press release
contains forward-looking statements including (i) our preliminary
estimate of third quarter 2016 revenue and the financial analysis
related thereto, (ii) the Company’s belief that it will be cash
flow positive at the disclosed level of sales and will be able to
meet its overall objectives of new product development and future
growth, and (iii) the Company’s belief regarding the causes of the
decline in prescriptions and revenue as set forth in the release .
These forward-looking statements are based on management’s
expectations and assumptions as of the date of this press release;
actual results may differ materially from those in these
forward-looking statements as a result of various factors, many of
which are beyond our control. These factors include, but are not
limited to risk factors described in the Company’s filings with the
United States Securities and Exchange Commission, including those
factors discussed under the caption "Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2015 and
subsequent updates that may occur in our Quarterly Reports on Form
10-Q. Forward-looking statements speak only as of the date of
this press release and we undertake no obligation to publicly
update or revise these statements, except as may be required by
law.
Contact:
Lisa M. Wilson
President
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com
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