INSYS Therapeutics Addresses New Jersey Complaint
October 06 2017 - 9:00AM
INSYS Therapeutics, Inc. (NASDAQ:INSY) (“INSYS” or “the Company”)
today released the following statement:
We would like to reiterate that we continue to work with
relevant authorities to resolve issues related to inappropriate
actions taken by some of our former employees. Accordingly, we have
taken a series of major actions to prevent the mistakes of the past
from happening in the future.
With respect to the complaint filed by the New Jersey Attorney
General this week, SUBSYS® (fentanyl sublingual spray) represented
about 0.02 percent of the opioid prescriptions written in the
United States in 2016, consistent with the numbers in N.J., placing
INSYS below the top 50 manufacturers of opioids in the nation.
In addition, the company is under new management and has
replaced 90 percent of the original sales force and commercial
organization. While understandable, it’s disingenuous to repeatedly
demonize a company that has made a firm and sincere commitment and
is taking all the necessary steps to conduct business according to
high ethical standards. It’s also unfair to the company’s current
employees, most of whom are new to INSYS and had no involvement in
the past misdeeds.
We employ nearly 400 people, including many scientists,
researchers and physicians, and have invested more than $250
million over the past five years in R&D, which promises to
deliver new treatment options for unmet patient needs,
including:
- synthetic cannabinoids for refractory pediatric epilepsy,
Prader-Willi syndrome, anorexia in cancer patients and agitation in
Alzheimer’s disease;
- intranasal formulations of epinephrine, naloxone and
rizatriptan for anaphylaxis reaction, opioid overdose and migraine,
respectively; and
- sublingual formulations of buprenorphine and a combination of
buprenorphine and naloxone for moderate-to-severe acute pain and
opioid dependence, respectively.
We are determined to continue making a positive contribution to
patients and to resolve the issues of the past, as we have
demonstrated in several other states. Our vision is to improve the
quality of patient care by building a specialty pharmaceutical
company focused on cannabinoids and novel drug delivery systems
that address unmet patient needs.
About INSYSINSYS Therapeutics is a specialty
pharmaceutical company that develops and commercializes innovative
drugs and novel drug delivery systems of therapeutic molecules that
improve patients’ quality of life. Using proprietary 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 SUBSYS® (fentanyl
sublingual spray), CII, and SYNDROS® (dronabinol) oral solution,
CII, a proprietary, orally administered liquid formulation of
dronabinol. 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.
NOTE: All trademarks and registered trademarks are the property
of their respective owners.
Forward-Looking Statements This news
release contains forward-looking statements. These forward-looking
statements are based on management’s expectations and assumptions
as of the date of this news 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 Dec. 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 news release, and we undertake no
obligation to publicly update or revise these statements, except as
may be required by law.
CONTACT:
Media RelationsJoe McGrathSenior Director, Corporate
CommunicationsINSYS
Therapeutics480-500-3101jmcgrath@insysrx.com
Investor RelationsJackie Marcus or Chris HodgesAlpha IR
Group312-445-2870 INSY@alpha-ir.com
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