Insys Therapeutics, Inc. Releases Statement on Its Ongoing Mission
June 05 2017 - 6:50AM
Insys Therapeutics, Inc. (NASDAQ:INSY) (“Insys” or “the Company”)
issued a response to the recent media reports that highlight
concerns with the Company’s past commercial practices and former
employees. Insys reiterates its commitment to:
- maintaining the highest ethical standards and compliance around
all its activities and business practices and complying with
governing laws and regulations;
- providing innovative solutions related to patient care through
continuing research and development efforts; and
- cooperating with relevant governmental authorities in ongoing
investigations.
Insys intends to play a meaningful role in providing solutions
to address the opioid epidemic by developing innovative
products. These potential product solutions include
cannabidiol (a novel, non-opioid) for the treatment of opioid
dependence, cannabidiol for the treatment of pain and naloxone
nasal spray for the treatment of opioid overdose, while continuing
to fulfill our mission to improve the quality of patient care in
additional areas such as emergency allergic reactions, rare
pediatric epilepsies and rare genetic diseases.
Insys has committed significant resources to these efforts
including seeking guidance and input from nearly 30 researchers
across the country and has ongoing collaborations with leading
academic institutions.
“We remain committed to cultivating a culture of trust,
transparency and ethical behavior while executing against our
mission of improving the quality of care for patients in need,”
said Saeed Motahari, President and Chief Executive Officer of
Insys. “As the new CEO, I believe it is imperative that we
learn from the past. The Company has taken appropriate steps
to strive to ensure that ethical standards of conduct and patient
interests are at the heart of all business decisions,” continued
Motahari.
“The Company continues to demonstrate its commitment to patients
by investing over 30% of 2016 revenue in R&D programs and is on
track to invest over 40% in R&D in 2017,” concluded
Motahari.
About INSYS 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), CII, and
has received approval for the marketing of SYNDROS™ (dronabinol)
oral solution, CII, 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 a significant unmet
need.
SUBSYS® and SYNDROS™ are trademarks of Insys Development
Company, Inc., a subsidiary of Insys Therapeutics, Inc.
Forward-Looking Statements
This press release contains forward-looking statements including
regarding our (i) belief that the Company will invest 40% of its
revenue in R&D in 2017, (ii) belief that the Company has the
potential to benefit patients in areas of unmet medical needs,
(iii) intentions to play a meaningful role in providing
solutions to address the opioid epidemic by developing innovative
products and to fulfill our mission to improve the quality of
patient cares and (iv) belief that SYNDROS has distinct advantages
over the current formulation of dronabinol in soft gel capsule.
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 our 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, 2016 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.
NOTE: All trademarks and registered trademarks are the property
of their respective owners.
Investor Contact:
Lisa M. Wilson
212-452-2793
E: INSYS@insysrx.com
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