UPDATE 3-Opioid drugmaker Insys Therapeutics files for bankruptcy [Reuters (UK)]
INSYS THERAPEUTICS (INSY)
Last insys therapeutics earnings: 11/5 04:16 pm
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Source: Reuters
Opioid drugmaker Insys Therapeutics files for bankruptcy - Reuters 4 Min Read (Reuters) - Drugmaker Insys Therapeutics Inc filed for Chapter 11 bankruptcy protection on Monday, about a week after agreeing to pay $225 million to settle a U.S. probe into bribes it paid to doctors for prescribing a powerful opioid medication. The filing in U.S. Bankruptcy Court in the District of Delaware made Insys the first drug manufacturer to turn to bankruptcy due to legal expenses brought on by accusations of responsibility in the deadly U.S. opioid epidemic. Shares of the company fell 66% to 44 cents in premarket trading. Insys said it intends to continue operating its business, while it pursues the sale of substantially all its assets under a court-supervised sale process. Chandler, Arizona-based Insys, which manufactured the fentanyl spray Subsys, agreed on June 5 to settle the U.S. Justice Department probe and have a subsidiary plead guilty to fraud charges. A month earlier, a federal jury in B
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