Insys, the Opioid Drug Maker, Files for Bankruptcy [The New York Times]
INSYS THERAPEUTICS (INSY)
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Source: The New York Times
Insys, the Opioid Drug Maker, Files for Bankruptcy - The New York Times The opioid manufacturer Insys Therapeutics filed for bankruptcy protection Monday, days after agreeing to pay $225 million to settle a federal investigation into the marketing practices for its powerful fentanyl painkiller. The company said it would continue operating while it comes up with a plan to pay its creditors, including the Justice Department, under Chapter 11 of the federal bankruptcy code. Under an agreement released last week The company was accused of bribing doctors to prescribe its product and misleading insurers about patients’ need for the drug. Subsys, an under-the-tongue spray, was approved only for cancer patients who were already taking round-the-clock opioid painkillers. “We determined that a court-supervised sale process is the best course of action to maximize the value of our assets and address our legacy legal challenges in a fair and transparent manner,” Andrew G. Long, the chief executi
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