Robins Global News & Noticias

  • Gaming Chair Review
    Gaming Chair Review
  • Writing Service Review
    Writing Service Review
  • Youtube Marketing Guide
    Youtube Marketing Guide
  • Slot Game Review
    Slot Game Review
  • Download TV Series
    Download TV Series
  • All Elite Wrestling
    All Elite Wrestling

RobinsPost News Network

+ Larger Font | + Smaller Font

Consumer Daily Reports

Consumer News: Opioid drug maker files for bankruptcy protection

PhotoINSYS Therapeutics, a pharmaceutical company that makes opioid painkillers, has filed for Chapter 11 bankruptcy protection in the wake of a $225 million settlement with the federal government.

The company disclosed the move in an 8K filing with the Securities and Exchange Commission (SEC). It also issued a press release, saying the filing was necessary to help it sell “substantially all of the company’s assets and address the company’s legacy legal liabilities.”

INSYS said it plans to operate its business as usual while it tries to spin-off its assets through the court-supervised sale process.

“After conducting a thorough review of available strategic alternatives, we determined that a court-supervised sale process is the best course of action to maximize the value of our assets and address our legacy legal challenges in a fair and transparent manner,” said Andrew Long, INSYS Therapeutics’ CEO.

Negotiating position

Long said he believes the bankruptcy process will provide the company with a position from which to “negotiate an equitable resolution with our creditors.”

INSYS has been at the center of a gathering legal storm over liability for widespread opioid addiction leading to injuries and death. Last year the Florida attorney general added the company to her suit against opioid manufacturers and distributors, including retail pharmacies.

The original suit included other opioid manufacturers, including Purdue Pharma L.P., Endo Pharmaceuticals, Inc., Janssen Pharmaceuticals, Inc., Cephalon, Inc., Allergan plc, Mallinckrodt LLC, and related companies, as well as the major opioid distributors, AmerisourceBergen Drug Corporation, Cardinal Health, Inc., McKesson Corporation, and a related company.

Guilty plea

INSYS was also charged in federal court in Boston with bribing doctors to encourage prescriptions of its fentanyl spray product. Last week it pled guilty to five criminal charges and agreed to payments totalling $225 million to settle the case.

INSYS’ fentanyl spray product, Subsys, received Food and Drug Administration (FDA) approval in 2012, but its use was specified for treating pain in patients suffering from cancer. Fentanyl, the product’s main ingredient, is an opioid rated as 100 times the strength of morphine.

Pharmaceutical companies have increasingly been in the crosshairs of federal, state, and local governments trying to deal with the effects of opioid addiction. Many companies have been sued by states and Indian tribes. In each case, the plaintiffs contend drug companies marketed opioid painkillers to doctors without revealing their addictive potential.

According to the Centers for Disease Control and Prevention (CDC), opioid drug were involved in a record 47,600 U.S. overdose deaths in 2017, the last year for which there are records.

Posted: 2019-06-10 13:29:07

Get Full News Story On Consumer Affairs

Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.

Print Friendly and PDF Share Embed

Related News Stories From The Web And More

Related Bing News

Consumer News: Opioid drug maker files for bankruptcy protection | Consumer Daily Reports | RobinsPost News Network - Newscast

Insys, the Opioid Drug Maker, Files for Bankruptcy

Tue, 11 Jun 2019 12:18:00 GMT

The opioid manufacturer Insys Therapeutics filed for bankruptcy protection Monday, days after agreeing to pay ... its product and misleading insurers about patients’ need for the drug. Subsys, an ...

Wracked by opioid scandal, drug maker Insys files for bankruptcy

Mon, 10 Jun 2019 21:03:00 GMT

NEW YORK - American drug maker Insys announced on Monday it was filing for ... The company said in a statement Monday it intends to continue operations as it seeks bankruptcy protection, but will sell ...

Opioid maker Insys files for Chapter 11 bankruptcy

Mon, 10 Jun 2019 18:17:00 GMT

Opioid manufacturer Insys Therapeutics Inc. filed for bankruptcy protection, touching off a battle for cash ... investigations into the company's sales of its powerful Subsys opioid drug, intended to ...

Insys Files For Chapter 11, Days After Landmark Opioid Settlement Of $225 Million

Mon, 10 Jun 2019 14:24:00 GMT

Opioid manufacturer Insys Therapeutics has filed for Chapter 11 bankruptcy ... of Chapter 11 protection, a spokeswoman for Boston's U.S. Attorney's Office told NPR. The case against Insys has been ...

Insys Therapeutics Bankruptcy: Opioid Maker Files For Chapter 11 Bankruptcy Protection Following Corruption Charges

Mon, 10 Jun 2019 08:54:00 GMT

Opioid maker Insys Therapeutics ... to patients that did not need the drug, according to the news outlet. The case is considered the first conviction brought against a drug company CEO involving ...

Related News Story Videos From Youtube

Opioid maker files for bankruptcy amid lawsuits

Related Videos On: Opioid maker files for bankruptcy amid lawsuits

Opioid drugmaker Insys files for bankruptcy

Related Videos On: Opioid drugmaker Insys files for bankruptcy

Opioid Manufacturer Insys Caught In A Kickback Probe

Related Videos On: Opioid Manufacturer Insys Caught In A Kickback Probe



Gawker files for bankruptcy protection

Related Videos On: Gawker files for bankruptcy protection

Blow Us A Whistle

Comments (Whistles) Designed By Disqus

Company Information

Official Content Providers


We recommend Firefox 3 (and above), Edge, and Chrome for dynamic performance.
© 2008-2019 RobinsPost (The Bird's Eye View Company) All rights are reserved.
RobinsPost provides links to news sites based on their RSS feeds.
All trademarks, copyrights, videos, photos and logos are owned by news sources.
News stories, videos and live streams are from trusted sources:
Bing News, Google News, Faroo News, and YouTube Search Results.
ROBINSPOST Is Proudly Made In America.
Where Quality, Safety and Service Comes First.