|Bid||0.0600 x 30000|
|Ask||0.0760 x 30000|
|Day's Range||0.0600 - 0.0600|
|52 Week Range||0.0304 - 6.0100|
|Beta (3Y Monthly)||2.44|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
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.
was down 36% in trading Monday after the company announced it will be filing for Chapter 11 bankruptcy protection due to the financial burden from litigation tied to its role in the opioid crisis in the United States. It said it would continue to operate its business "in the ordinary course" while it sells off its assets through bankruptcy court. Just last week, Insys agreed to pay $225 million to settle federal charges over its opioid sales.
The Chapter 11 bankruptcy filing marked a first for a drugmaker accused in lawsuits of helping fuel the deadly U.S. opioid endemic and came just days after Insys struck a $225 million settlement with the Justice Department. The department is now Insys' largest unsecured creditor due to Wednesday's accord, which resulted in a subsidiary pleading guilty to fraud charges and the company entering into a deferred prosecution agreement. The bankruptcy filing came after a federal jury in Boston in May found Insys founder John Kapoor and four other former executives guilty of engaging in a racketeering conspiracy centered on its fentanyl spray, Subsys.
Drugmaker Insys Therapeutics Inc filed for bankruptcy protection on Monday amid mounting expenses driven by a U.S. Justice Department probe into claims it paid doctors bribes to prescribe a powerful opioid medication. The Chapter 11 bankruptcy filing marked a first for a drugmaker accused in lawsuits of helping fuel the deadly U.S. opioid endemic and came just days after Insys struck a $225 million settlement with the Justice Department. The department is now Insys' largest unsecured creditor due to Wednesday's accord, which resulted in a subsidiary pleading guilty to fraud charges and the company entering into a deferred prosecution agreement.
Why Insys Therapeutics Fell More than 70% YesterdayLiquidity positionIn its first-quarter earnings press release, which it published on May 10, Insys Therapeutics (INSY) highlighted the possibility of its being unable to continue as a going concern.
A Boston jury convicted Insys founder John Kapoor and four former executives of racketeering and other crimes in a fentanyl bribery case that federal prosecutors say helped fuel the U.S. opioid epidemic. Insys Therapeutics INSY shares tanked Monday morning after the company said it may have to file for bankruptcy because it can't afford legal costs related to a Department of Justice investigation into the company's sales tactics of one of its popular opioids. Insys said it had $87.6 million in cash and cash equivalents at the end of March, which falls short of the $150 million tentative settlement the company made with the Department of Justice to settle claims that the company bribed doctors to unnecessarily prescribe its fentanyl-based drug Subsys, which is meant to treat cancer patients.
The company also said it was uncertain that it will be able to complete a final settlement with the Department of Justice, including the execution of a security agreement related to the company's assets to collateralize payments under the settlement. "If we are unable to continue as a going concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our audited consolidated financial statements, and it is likely that investors will lose all or a part of their investment," the company said in its first-quarter earnings release. Insys added: "It may be necessary for the company to file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in order to implement a restructuring.
Insys, which has been exploring strategic options and is in talks to divest its opioid product Subsys, said it was likely that investors will lose all or a part of their investments if the company is not able to sell its assets at the value they are booked in its audited financial statements. Last August, Insys reached a tentative deal to pay at least $150 million to resolve a Department of Justice investigation into claims that the drugmaker paid doctors kickbacks to prescribe Subsys, an under-the-tongue spray that contains fentanyl, an opioid 100 times stronger than morphine.
On a per-share basis, the Chandler, Arizona-based company said it had a loss of $1.66. Losses, adjusted for one-time gains and costs, were 55 cents per share. The specialty pharmaceutical company posted ...
The founder of Insys Therapeutics Inc on Thursday became the highest-ranking pharmaceutical executive to be convicted in a case tied to the U.S. opioid crisis, when he and four colleagues were found guilty of participating in a scheme to bribe doctors to prescribe an addictive painkiller. A federal jury in Boston found John Kapoor, the drugmaker's former chairman, and his co-defendants guilty of racketeering conspiracy for engaging in a scheme that also misled insurers into paying for the drug. Kapoor's 2017 arrest came on the same day U.S. President Donald Trump declared the epidemic that has caused tens of thousands of overdose deaths annually a public health emergency.
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