Insys Therapeutics Inc said on Friday that a cash crunch resulting from legal co...
- Insys Therapeutics Inc said on Friday that a cash crunch resulting from legal costs related to a U.S. Justice Department probe into sales practices for the company’s powerful opioid medication and other litigation may lead the company to file for bankruptcy and prevent it from completing its settlement deal with the Justice Department.
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. “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. Therefore, trading in our securities is highly speculative,” the company said in a statement.
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