PHOENIX, June 05, 2017 (GLOBE NEWSWIRE) — Insys Therapeutics, Inc. (NASDAQ:INSY) (“Insys” or “the Company”) issued a response to the recent media reports that highlight concerns with the Company’s past commercial practices and former employees. Insys reiterates its commitment to:
- maintaining the highest ethical standards and compliance around all its activities and business practices and complying with governing laws and regulations;
- providing innovative solutions related to patient care through continuing research and development efforts; and
- cooperating with relevant governmental authorities in ongoing investigations.
Insys intends to play a meaningful role in providing solutions to address the opioid epidemic by developing innovative products. These potential product solutions include cannabidiol (a novel, non-opioid) for the treatment of opioid dependence, cannabidiol for the treatment of pain and naloxone nasal spray for the treatment of opioid overdose, while continuing to fulfill our mission to improve the quality of patient care in additional areas such as emergency allergic reactions, rare pediatric epilepsies and rare genetic diseases.
Insys has committed significant resources to these efforts including seeking guidance and input from nearly 30 researchers across the country and has ongoing collaborations with leading academic institutions.
“We remain committed to cultivating a culture of trust, transparency and ethical behavior while executing against our mission of improving the quality of care for patients in need,” said Saeed Motahari, President and Chief Executive Officer of Insys. “As the new CEO, I believe it is imperative that we learn from the past. The Company has taken appropriate steps to strive to ensure that ethical standards of conduct and patient interests are at the heart of all business decisions,” continued Motahari.
“The Company continues to demonstrate its commitment to patients by investing over 30% of 2016 revenue in R&D programs and is on track to invest over 40% in R&D in 2017,” concluded Motahari.
Insys Therapeutics is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve the quality of life of patients. Using proprietary sublingual spray technology and capabilities to develop pharmaceutical cannabinoids, INSYS is developing a pipeline of products intending to address unmet medical needs and the clinical shortcomings of existing commercial products. INSYS currently markets one product, SUBSYS® (fentanyl sublingual spray), CII, and has received approval for the marketing of SYNDROS™ (dronabinol) oral solution, CII, a proprietary, orally administered liquid formulation of dronabinol that INSYS believes has distinct advantages over the current formulation of dronabinol in soft gel capsule. INSYS is committed to developing medications for potentially treating addiction to opioids, opioid overdose, epilepsy, and other disease areas with a significant unmet need.
SUBSYS® and SYNDROS™ are trademarks of Insys Development Company, Inc., a subsidiary of Insys Therapeutics, Inc.
This press release contains forward-looking statements including regarding our (i) belief that the Company will invest 40% of its revenue in R&D in 2017, (ii) belief that the Company has the potential to benefit patients in areas of unmet medical needs, (iii) intentions to play a meaningful role in providing solutions to address the opioid epidemic by developing innovative products and to fulfill our mission to improve the quality of patient cares and (iv) belief that SYNDROS has distinct advantages over the current formulation of dronabinol in soft gel capsule. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release; actual results may differ materially from those in these forward-looking statements as a result of various factors, many of which are beyond our control. These factors include, but are not limited to risk factors described in our filings with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent updates that may occur in our Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or revise these statements, except as may be required by law.
NOTE: All trademarks and registered trademarks are the property of their respective owners.
CONTACT: Investor Contact: Lisa M. Wilson 212-452-2793 E: [email protected]