Insys Theraputics Announces It May Be Going Out Of Business
A Valley-based opioid maker said it may be going out of business now. Insys Therapeutics made the announcement on Wednesday.
The company’s auditor raised doubts that the drug-maker has the ability to continue as a going concern. The audit flags the company's lack of cash available to meet its legal obligations and sustain operations.
Insys has spent tens of millions of dollars defending former executives who face criminal charges for allegedly bribing doctors to write prescriptions for its fentanyl-based drug, Subsys. It’s an opioid that’s 100 times stronger than morphine.
Last week, representatives said the company was exploring options to sell off its Subsys product.