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Insys Therapeutics files for bankruptcy

Opioid drugmaker Insys Therapeutics has filed for Chapter 11 bankruptcy protection after agreeing to pay $225 million to settle charges brought against them by the Department of Justice (DoJ).

On 5 June, the Arizona-based firm agreed to pay $225 million to the DoJ, just a month after four former executives and Insys founder John Kapoor were found guilty of engaging in a racketeering conspiracy surrounding its fentanyl spray Subsys.

Insys Therapeutics founder John Kapoor found guilty of bribing doctors

The founder of opioid drugmaker Insys Therapeutics has been found guilty of bribing doctors in order to persuade them to prescribe the fentanyl-based painkiller Subsys.

A Boston jury found John Kapoor guilty of racketeering conspiracy after the billionaire pharma chief was found to have bribed doctors and defrauded insurance companies, as part of an effort to boost sales of the sublingual fentanyl spray Subsys.

While Subsys had been approved for patients with terminal cancer, the company targeted patients with non-life threatening chronic pain.

Insys Therapeutics names current CFO Andrew Long as company's new CEO

Insys Therapeutics has said Andrew Long will take over from Saeed Motahari as the company’s new CEO.

The opioid drugmaker said the decision had come after Motahari agreed to step down from the position of President and CEO.

The firm, who have faced legal issues over the marketing of their fentanyl based spray Subsys, have seen a series of successions in recent years after CEO Michael Babich was arrested in 2016.

Insys Therapeutics reaches $150m agreement to settle opioid marketing case

The Arizona-based pharma company Insys Therapeutics has reached an agreement to pay $150 million to the US Department of Justice in order to settle criminal and civil investigations into inappropriate sales and commercial practices by former company employees.

The terms of the agreement call for the opioid drug maker to pay $150 million over five years.  The settlement agreement also covered the potential for an additional $75 million contingency based payments.

Insys Pharma founder charged over "nationwide conspiracy" to illegally distribute fentanyl

John N Kapoor, the 74-year old founder of Insys Pharma, has been legally charged over his involvement in driving a “nationwide conspiracy” to illegally distribute fentanyl, a potent opioid painkiller intended for specific cancer patients and one of the main offender’s in the US’ current crisis over the drug class.

Insys Therapeutics sees revenue from Subsys at $61-$62 million; shares plunge 21%

Insys Therapeutics Inc (Nasdaq: INSY) stock plunged nearly 21% Monday after the company said sales for its pain drug will be impacted by a decline in demand.

The company forecast first-quarter revenue from Subsys (fentanyl sublingual spray) in the range of $61 million to $62 million saying the figures reflect a decline in demand on the back of lower prescription for the therapy.

The company reported total revenue of $70.77 million for the same period last year.

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