INSYQ - INSYS Therapeutics, Inc.

Other OTC - Other OTC Delayed Price. Currency in USD
0.0950
-0.0050 (-5.00%)
At close: 3:38PM EDT
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Previous Close0.1000
Open0.0955
BidN/A x N/A
AskN/A x N/A
Day's Range0.0900 - 0.1000
52 Week Range0.0300 - 9.4900
Volume112,888
Avg. Volume208,612
Market Cap7.084M
Beta (3Y Monthly)2.96
PE Ratio (TTM)N/A
EPS (TTM)-3.0710
Earnings DateNov 4, 2019 - Nov 8, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est9.00
Trade prices are not sourced from all markets
  • Drugmaker Insys wins bankruptcy court approval to sell off opioid
    Reuters

    Drugmaker Insys wins bankruptcy court approval to sell off opioid

    The decision by U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, marked the first time a bankruptcy court approved the sale of an opioid amid an epidemic that has been blamed for nearly 400,000 overdose deaths between 1999 and 2017. The ruling cleared the way for the drug, Subsys, to be sold to Wyoming-based BTcP Pharma LLC, which belongs to the MMB Healthcare network of pharmaceutical companies. In exchange, Insys will receive royalties it estimated could reach $20 million.

  • Bloomberg

    Court Approves First Bankruptcy Sale of a Major Opioid Drug

    (Bloomberg) -- Insys Therapeutics Inc. won court approval to sell the rights to its highly addictive painkiller, Subsys, after a last-minute deal with state officials that imposes tight restrictions on the future marketing of the fentanyl-based drug.The restrictions adopted by BTcP Pharma, LLC, the buyer, are designed to ensure the spray is marketed only to cancer specialists, not doctors in general, U.S. Bankruptcy Judge Kevin Gross said in approving the sale. In May, Insys founder and former Chief Executive Officer John Kapoor and four former executives were convicted of bribing doctors to boost off-label prescriptions of Subsys, even though it was originally intended to treat cancer pain.Insys was the first drugmaker pushed into bankruptcy by an onslaught of lawsuits filed across the U.S. intending to hold pharmaceutical companies responsible for America’s opioid addiction crisis. The sale approved Thursday in federal court in Wilmington, Delaware, marks the last major step in dismantling Insys. In June, the company agreed to sell its assets in bankruptcy to raise money to cover a $225 million settlement with the U.S. Justice Department and others.To win support from Maryland and a number of other states, BtcP agreed to limit how it markets Subsys in the future, Jim Morgan, an attorney for BTcP said in court. Those concessions came from discussions held in the last 48 hours, he said.The sales aren’t likely to raise enough money to cover the government settlement or other debts. Under the deal, BTcP will split future profits on the sale of Subsys and related products with creditors. Insys bankruptcy attorney Candace Arthur said the deal may be worth $20 million in the future, in addition to as much as $5 million raised from existing inventory and accounts receivable.The Chapter 11 case of Chandler, Arizona-based Insys was a dress rehearsal for the biggest opioid-related bankruptcy, filed Sunday in New York by Purdue Pharma LP. Like Insys, Purdue will attempt to monetize all of its assets to settle the more than 2,000 lawsuits it faces. And like Insys, Purdue faces opposition from many state attorneys general to a proposal to temporarily halt all litigation during the bankruptcy.When Insys moved to shut down all unsettled suits it faces, the move was opposed by states including Maryland and Florida. The states argued their regulatory and police powers are exempt from the federal law that gives bankrupt companies a temporary respite from litigation. Before Gross could rule on that dispute, the states and the company settled, allowing the sales to go forward while the lawsuits were delayed.Purdue said in court papers that it expects similar opposition in its bankruptcy.The case is Insys Therapeutics, No. 19-11292, U.S. Bankruptcy Court for the District of Delaware (Wilmington).(Updates with dispute over litigation halt beginning in fifth paragraph.)To contact the reporter on this story: Steven Church in Wilmington, Delaware at schurch3@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Dawn McCarty, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Purdue’s Bankruptcy Deal Has Holes the Size of 24 States
    Bloomberg

    Purdue’s Bankruptcy Deal Has Holes the Size of 24 States

    (Bloomberg) -- If Purdue Pharma LP wants its bankruptcy plan to work, it’ll have to find a way to halt the kind of government lawsuits that normally can’t be stopped by a Chapter 11 case.Purdue said the point of its court filing late Sunday night was to get protection from thousands of lawsuits tied to its aggressive sales of addictive opioids. To make that stick, it has to persuade Judge Robert Drain to delay as many as two dozen states from pursuing their cases until a solution is worked out, even though federal law says such investigations normally can’t be interrupted.Purdue acknowledged the stakes in its court papers.“Absent that protection, this case will fail because the fundamental goal of this and any bankruptcy will have been thwarted,” the company said. Its lawyers are getting their first chance to ask Drain directly at a hearing today in White Plains, New York.Purdue has a deal with the attorneys general from at least 24 states, five U.S. territories and law firms representing more than 1,000 counties, cities and Native American tribes. Those government agencies represent more than half the U.S. population, according to Purdue.That still leaves plenty of opposition. When it filed bankruptcy, the Stamford, Connecticut-based company said it was facing lawsuits from about 2,250 government agencies of various types. And about 24 states have not signed onto the deal; the biggest are California, New York and Massachusetts.Purdue said its officials “anticipate that many or all of the governmental plaintiffs who have not agreed to support the settlement structure will claim that their actions are exempt” from bankruptcy’s customary ban on taking legal action in other arenas.The company will also seek to halt lawsuits aimed at officers and owners, potentially shielding the Sackler family that controls Purdue from legal claims during the bankruptcy case.Persuading Drain to block governments from using their regulatory powers against Purdue will be difficult, bankruptcy lawyers say.Broad Powers“It would be challenging to say the least,” said bankruptcy lawyer Sander Esserman, who has been involved in similar court battles. Esserman represents California municipalities that cut a deal with the bankrupt utility PG&E Corp., which faces legal action from governments and residents who blame the company for wildfires that destroyed thousands of homes.A key factor in the fight will be the goal of the government lawsuits, perhaps monetary damages or some kind of regulatory action, said Bruce Markell, a bankruptcy professor at Northwestern Pritzker School of Law.“I don’t think it’s a slam dunk either way,” Markell, a former bankruptcy judge, said in an interview. “The powers of state attorneys general at this level are very broad and not that well-understood.”Purdue has already won a delay of one of the biggest cases it was involved with, when a federal judge removed the company from a trial set to start Oct. 21 against Purdue and other opioid makers. The case was brought by a number of local governments and is the first federal trial over the opioid epidemic.Maura Healey, the attorney general of Massachusetts who sued Purdue and its board last year, and Letitia James, her counterpart in New York, each said they’ll continue to pursue the company and the Sackler family.“If they think they can use bankruptcy to escape accountability, after creating the worst public health crisis of our time, they are mistaken,” Healey said in an emailed statement. “We will keep fighting to get all the facts out, make sure this company is shut down forever, and force the Sacklers to pay back the billions they pocketed breaking the law.”Insys CaseThe situation echoes the bankruptcy of opioid producer Insys Therapeutics Inc., which filed for Chapter 11 protection this year to deal with suits targeting its Subsys painkiller. States including Maryland and Minnesota fought Insys’ request to halt all litigation against it.Before a judge could decide, the company and the states agreed to put the suits on hold while the bankruptcy went forward. Under the agreement, if any states oppose Insys’ bankruptcy payout plan, they could attempt to restart their cases.Purdue is proposing to set up a trust that would own all of the company’s assets and use them to repay those who claim to have been harmed by its opioid products. The Sackler family has also agreed to contribute $3 billion over seven years and to sell other pharmaceutical assets.In exchange, all of the lawsuits against the company would be resolved.The Sacklers are under extra scrutiny after James, the New York attorney general, said her office found evidence that the family made about $1 billion in transfers among themselves and their shell companies. Some of the transfers were a decade old, and the Sacklers have said the moves were “were perfectly legal and appropriate in every respect.”At Tuesday’s hearing, the company pledged to investigate any cash or other assets Purdue transferred to the family, and its directors produced a 700-page report on the subject, company lawyer Marshall Huebner said in court.The case is Purdue Pharma LP 19-23649, U.S. Bankruptcy Court for the Southern District of New York (White Plains).(Updates to add investigation into Sackler transfers in the final two paragraphs)\--With assistance from Erik Larson and Jef Feeley.To contact the reporters on this story: Steven Church in Wilmington, Delaware at schurch3@bloomberg.net;Jeremy Hill in New York at jhill273@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Steve StrothFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.