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Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Insys Therapeutics, Inc. (NASDAQ: INSY) (“Insys”), following which we have published a free report that can be viewed by signing up at https://protraderdaily.com/optin/?symbol=INSY. The Company announced on August 22, 2017, the following statement concerning the settlement with the State of Illinois. The Company stated that like so many stakeholders in the healthcare community and in the government, it shares the desire to address the serious national challenge related to the misuse and abuse of opioids that has led to addiction and unnecessary deaths and has caused pain to families and communities around the country. This case follows the August 25, 2016, ruling where Illinois attorney general, Lisa Madigan, sued Insys Therapeutics, accusing it of deceptively marketing and selling an addictive fentanyl-based medication, intended to treat cancer pain to doctors for off-label uses. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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The lawsuit filed by Lisa Madigan in Cook County Circuit Court followed a number of state and investigations involving Insys’ drug Subsys as US authorities seek to combat a national opioid abuse epidemic. Subsys, which Insys launched in 2012, is a spray approved for managing pain in cancer patients that contain fentanyl, a highly-addictive regulated synthetic opioid, which generated $329.5 million in net revenue in 2015. The lawsuit alleged that rather than marketing the drug to oncologists to treat cancer patients, Insys instead illegally marketed it to doctors who prescribed high volumes of opioid drugs. The case came to light after federal prosecutors in Manhattan in June 2016, brought charges against two former Insys’ employees for engaging in a scheme to pay doctors kickbacks including speaker fees to prescribe Subsys.
The case rose amid a series of investigations centered on Subsys, an under-the-tongue spray intended for cancer patients that contains fentanyl. Back in December, the investigations led to Boston federal prosecutors charging six former Insys’ executives and managers, including former Chief Executive Michael Babich, with engaging in a scheme to bribe doctors to prescribe Subsys.
Insys stated that the recent settlement with the State of Illinois, which included an obligation to make a $4.45 million payment, reflected the Company’s commitment to take responsibility for actions by the former employees, and affirmed its intent to putpatient first. The Company does not believe it is factually accurate to state that Insys materially contributed to the opioid crisis in the State of Illinois or the nation. The Company made available a large amount of data and other fact to solidify its stance on the opioid crisis. The Company set forth below some of the relevant facts for consideration regarding the product:
- By many estimates, the crisis began more than 15 years ago, while Subsys has been available since March 2012.
- In 2016, Subsys accounted for about 34,000 prescriptions nationally and less than 1,000 prescriptions in the State of Illinois. In other words, in 2016, Subsys was less than 0.02% of all opioid prescriptions nationally and less than 0.01% of all opioid prescriptions in the State of Illinois.
- The 2016 prescription numbers for Subsys do not place Insys within the bracket of top 50 opioid manufacturers in the United States.
- According to Insys, a doctor is not permitted to prescribe, a pharmacy is not permitted to dispense, and a patient is not permitted to receive any TIRF product, including Subsys, unless each one of them is enrolled in the FDA mandatory Risk Evaluation and Mitigation strategy program.
Last Close Stock Review
On Wednesday, August 23, 2017, Insys Therapeutics’ stock closed the trading session at $9.07, marginally up 0.22% from its previous closing price of $9.05. A total volume of 270.15 thousand shares were exchanged during the session. The stock currently has a market cap of $667.28 million.
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