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INSYQ: Bankruptcy PLAN effective. All shares cancelled.
https://otce.finra.org/otce/dailyList?viewType=Deletions
Stock de-registered... see the filing above...
I think this is where I say "tick tock"
Okay So I Did Lose face Here. Trying to Stay Positive that this would have the bounce that it deserved first. But again Im left holding the bag :(
Thanks, knew that shareholders would get wiped out...
Company is dead and nearly buried. There will be nothing left for shareholders at all.
Dont Be Shy People to Pull The Trigger!!!! Procrastinating to buy on the way up only leads to regret and heathbreak later! Could shoulda woulda doesn't make you money... being in a stock that was beatin too far down with no bounce yet? DOES
LOL!!!
There's still time to buy the stock before it is cancelled...
BUY and HOLD!!!! Jealously is Everywhere!! This is only the beginning.. there is still time to get in before it peaks... this has been held down toooo low for faaar too long...
LOL!!!
Hold your shares??? Why??? They'll be cancelled once the liquidation and payouts have been completed...
8 Cents Now!!!! HOLD YOUR SHARES...Anyone Bought At 3 Cents is making a killing!! HOLD what you have ppl dont listen to the negative news...
Bagholders exchange program.
This stock is dead. From the 8K after delisting:
Why???? Because Someone is Putting $20,000 at 5 Cents Today!!!! And nooo one is watching this but me.....
LOL!!
Why would anybody buy it before it gets cancelled? Seriously?
Only The Negative.. Im Looking for Positive Comments... No reason this doesnt have a bounce of its own before its cancelled...
HOLDING....
No, they are liquidating this company, and once that completes it will no longer exist. Neither will the stock.
Back Over 3 Cents FINALLY.... IS There More To Come???.... That's the big question :) Im holding.. I hope Im not the only one still here
As I Said.. There will Be a Bounce.... NOTHING goes straight to zero without a fight for retail that was stuck, caught off-guard, that have not sold yet BUT are still holding...
Is it over for insy or change of recovery on the way ?
Problem is this is a bankrupt company, and their plan is to liquidate their assets/operations. And, they've already stated it is unlikely shareholders will see any recovery whatsoever.
STOCK WILL HAVE A BOUNCE BEFORE THE END....
I'll just say this once.. I've NEVER seen a stock go from $4 to 10-11 cents and NOT have a huge bounce UP at some point back to 50 cents to $1... NEVER. this will have its day still. Last one was BK Sears co. alllllllll he way down to 8-9 cents even tho we all knew the commons would not survive.. what did it do for the patient investors??? Ran to over $3 DOLLARS before it died.... think about that for a moment.... I'm HOLDING what I have here. You should too...…..
Item 1.01Entry into a Material Definitive Agreement.
As previously disclosed, on June 10, 2019, Insys Therapeutics, Inc. (the “Company”) and its subsidiaries (collectively, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions,” and the cases commenced thereby, the “Chapter 11 Cases”) for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On July 2, 2019, the Bankruptcy Court entered an order that, among other things, established bidding procedures to sell substantially all of the Debtors’ assets in accordance with Section 363 of the Bankruptcy Code (“Section 363”).
On September 1, 2019, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with BTcP Pharma, LLC, a Wyoming limited liability company (“Buyer”), pursuant to which the Company agreed to sell, transfer and assign to Buyer, pursuant to Section 363, all strengths, doses and formulations in the world (except for the Republic of Korea, Japan, China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, and Vietnam) of the Company’s Subsys® (fentanyl sublingual spray) product (the “Subsys product”) and certain other related assets, in consideration for (i) the assumption by Buyer of certain specified liabilities, including responsibility for all cure costs, and (ii) post-closing royalty payments payable by Buyer to the Company based on sales of the Subsys product, the Lazanda® (fentanyl nasal spray) product of Buyer and its affiliates and any branded or generic equivalent fentanyl nasal spray, sublingual fentanyl spray, or any transmucosal immediate release fentanyl product (collectively, the “Combined Products”), for the period of time commencing on the closing date until the expiration of the last to expire orange book listed patent in respect of the Combined Products. Annual royalty payments to the Company will equal forty-five percent (45%) of the annual amount that equals (a) combined net sales generated from sales of the Combined Products, less (i) the cost of goods sold, (ii) legal defense, litigation, and any litigation settlement expenses that are exclusively related to the Subsys product, solely to the extent in respect of actions or events that occurred prior to the closing date, and (iii) expenses in respect of settlement of certain existing litigation, less (b) an expense allocation amount based on the actual amount of operational overhead expense, to the extent attributable to the Combined Products and subject to certain limitations.
Prior to the second anniversary of the closing date, Buyer will pay to the Company an amount equal to the sum of: (x) the total of the closing date accounts receivable actually collected by Buyer and its affiliates, and (y) the value of all Subsys product inventory transferred to Buyer at closing that is actually sold by or on behalf of Buyer at the Company’s cost of acquisition of such inventory (together, the “Post-Closing Payments”), subject to negotiated reductions specified in the Purchase Agreement. In addition, from the date of the Purchase Agreement through September 30, 2019, the Company will pay as and when due any and all third-party costs and expenses resulting from an observation in a U.S. Food and Drug Administration (“FDA”) Form 483 letter relating to certain of the Company’s Subsys products. Following September 30, 2019 until the second anniversary of the closing date, Buyer will pay such costs and expenses as and when due and will have the ability to offset the aggregate amount of such costs and expenses against any and all Post-Closing Payments due to the Company.
The Purchase Agreement is subject to approval by the Bankruptcy Court and provides for customary closing conditions, including entry and effectiveness of the sale order of the Bankruptcy Court authorizing and approving the transaction, and delivery of certain transfer letters to the FDA related to the products being sold. The Purchase Agreement also provides for customary termination rights.
The foregoing description of the Purchase Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement, a copy of which is filed as Exhibit 2.1 to this Form 8-K.
royalty payments 45% of net sales are coming,INSYQ continues,looks like
8k just released,drug that caused their suit being sold to pharmbio korea with liabilitys ,pending judges approval(judge already agreed,just needs to bang gavel)
all board of directors and managers are new
$300,000 traded yesterday,$90,000 so far today, defunct Qs don't get vol like this ,follow the $$$$$
6 day run,yesterdays candle on the bolie,today just under the bolie ,bolie ride up could begin,big$ has been buying and accumulating for a reason,insiders know whats coming!!!
pps was $45 in 2016,orphan drug approval news coming
first ever opioid bankruptcy suit,emerged ok(wasn't completely destroyed,lol)others are doing the same,many big $$ eyes are on it
big$$$ was in the court rooms,attorneys,judges,ect.all thinking I should buy this stock
bankruptcy was to protect them from the lawsuit,its past,now emerge time.stronger than ever
sweet pull back from overbought,needed that for healthy continue
Yep, and especially when a bankrupt company tells you they’re going to sell off the assets. Never ends well for shareholders, very rarely do the proceeds cover the debt.
Im Up Over 200% On This "DEAD" Company!!! Lol... how bout that??? I hope others got in cheap too... :)
LOL. Who is? This company is dead.
ANYONE LEFT??? HOOOOOOLD YOUR SHARES!!!! THEY'VE RUN OUT!!! Do NOT give any of your shares at such a low low multiple!!! They are fishing for cheap shares. DONT let them have yours!!!!
.09 Cents??!!! Guess its only ME on this board now.... And I will be here when its back on the 40-50 cent range before dying out... This WILL have a bounce and no one else will be here to enjoy it!
Mun5 I cant tell IF its Approved? One line says yes then orphan status says NOT FDA approved? I think you and I are the only ones watching this lol. What is your take on the cancelling of the auction? Hope for shareholders still???
INSYQ: FDA approval posted on FDA website. NOT on news wires yet!.
Company PR due and it will be on all the news wires.
Free money for those that know this info right now.
FDA website link:
https://www.accessdata.fda.gov/scripts/opdlisting/oopd/detailedIndex.cfm?cfgridkey=696519
With $175M of assets and $262M of debt, stock cancellation is very likely, even in Chapter 11 for this stock, just like the 8K said.
https://www.reuters.com/article/us-insys-opioids-bankruptcy/opioid-manufacturer-insys-files-for-bankruptcy-after-kickback-probe-idUSKCN1TB15Q
INSYQ: FDA approves Orphan Drug Status for epilepsy. NO PR YET!
LINK:
https://www.accessdata.fda.gov/scripts/opdlisting/oopd/detailedIndex.cfm?cfgridkey=696519
Brnovich announced his office filed a consumer law fraud lawsuit on Wednesday against Insys Therapeutics Inc. in Chandler.
https://www.kold.com/2019/07/18/kold-investigates-arizona-attorney-general-accuses-insys-fraud/
News is strong an the recovery is in motioning I believe we may see this climbs sums.
Bought some on the changes an recovery of the stock from these levels would be awesomely.
Means most likey the postioing to contuines added a fews.
Dead stock here. The company said they're going to sell off the assets and pay debt, adding that it will be very unlikely for shareholders to receive anything. Buyer beware.
Nice movement today .. let’s hope it continues in this direction.
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Amidst a "fire sale" restructuring of bankrupt Insys, the former maker of notorious fentanyl spray Subsys, opioid plaintiffs are still hoping to pick some meat off the drugmaker's bones. And now, Insys is floating a deal that would come at pennies on the dollar.
Of the roughly $1 billion opioid liability that Insys faces, plaintiffs will likely see far, far less, given the company only holds $39 million in cash reserves, the drugmaker said. The U.S. Department of Justice (DOJ) would also have a claim of $243 million, along with undetermined claims for forfeiture and restitution, according to Reuters.
Closing its opioid accounts would put a cap on an ignominious end to Insys as some of the drugmaker's top brass face prison time for their role in boosting sales of highly addictive Subsys.
In September, Insys won a bankruptcy court's approval to hive off Subsys to Wyoming-based BTcP Pharma LLC, part of the MMB Healthcare network. The deal was expected to net Insys $20 million in royalties.
According to Reuters, six state attorneys general opposed the sale of Subsys for fear that the new buyer would market the spray in much the same way Insys had. The states eventually withdrew their opposition after BTcP owner Michael Burke pledged that the drug's marketing would restrict its prescription for cancer patients alone.
After a $225 million settlement with the DOJ in June, Insys agreed to restructure and divest its products within 90 days of filing Chapter 11 bankruptcy. In its first sale after that announcement, Hikma Pharmaceuticals snapped up unit-dose nasal and sublingual spray manufacturing equipment as well as pipeline products of epinephrine and naloxone nasal sprays, in a $12 million deal. Naloxone spray is used to counteract opioid overdoses.
According to bankruptcy records, Hikma made a $1 million down payment and agreed to pay the remaining $11.2 million on closing. The London-based company, which does some contract work, did not say where it intends to develop and produce its new assets.
As part of its settlement, Insys also agreed to five years of deferred prosecution on civil and criminal charges.
Insys’ bankruptcy filing turned the page on a troubled period––to say the least––for the drugmaker after it watched its founder and former CEO John Kapoor go down on federal racketeering charges in May.
Kapoor was found guilty by a Boston jury of driving a scheme to reward sales managers for wining and dining physicians to boost Subsys sales, a strategy federal prosecutors said exacerbated the nation’s opioid epidemic. Kapoor was the first C-level executive to be held directly responsible for his company’s role in the driving the crisis.
Operations to Continue as Normal Including Payment of Employee Wages and Benefits and Continuing Programs for Customers; Vendors and Suppliers to Receive Full Payment for Goods and Services Provided Post-Filing
PHOENIX, June 10, 2019 (GLOBE NEWSWIRE) -- INSYS Therapeutics, Inc. (NASDAQ: INSY) (“INSYS” or the “Company”), a specialty pharmaceutical development and distribution company, announced today that INSYS has filed voluntary cases (the “Chapter 11 Cases”) under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware (the “Court”) to facilitate the sale of substantially all of the Company’s assets and address the Company’s legacy legal liabilities. INSYS intends to continue operating its business in the ordinary course while it pursues these transactions through the court-supervised sale process.
Throughout the court-supervised Chapter 11 process, INSYS intends to utilize existing cash on hand and operating cash flows to support its continued operations, including payment of all employee wages and benefits without interruption and continuing programs offered to customers. The Company intends to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date of June 10, 2019. To these ends, the Company has filed a number of customary motions seeking Court authorization to continue to support its business operations. INSYS expects to receive Court approval for all of these requests.
“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 G. Long, Chief Executive Officer of INSYS Therapeutics, Inc. “INSYS has compelling assets and a highly talented team. We believe this process will provide us with a forum to negotiate an equitable resolution with our creditors and represents the best opportunity for our people and our business.”
INSYS intends to conduct the asset sales in accordance with Section 363 of the U.S. Bankruptcy Code. The Chapter 11 process is intended to facilitate an orderly auction and sale process and maximize value for INSYS’ creditors. INSYS aims to complete the asset sales within 90 days and address creditors’ claims as efficiently and expeditiously as possible.
Court documents and additional information can be found at a website administered by INSYS’ claims agent, Epiq, at https://dm.epiq11.com/Insys or by calling the Company’s Restructuring Hotline, toll-free in the U.S., at (855) 424-7683. For calls originating outside of the U.S., please dial +1 (503) 520-4461.
Weil, Gotshal & Manges LLP is serving as legal counsel to INSYS, Lazard Frères & Co. LLC is serving as investment banker, and FTI Consulting, Inc. is serving as financial advisor.
https://marketwirenews.com/news-releases/insys-therapeutics-initiates-court-supervised-process-to-facilitate-asset-sales-and-address-legacy-liabilities-8328858.html
SEC Form 8-K https://www.otcmarkets.com/filing/html?id=13485277&guid=jwnyUHVJ3HALXyh
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on June 10, 2019, Insys Therapeutics, Inc. (the “Company”) and its subsidiaries filed voluntary petitions (the “Chapter 11 Cases”) for relief under chapter 11 of title 11of the United States Code in the United States Bankruptcy Court for the District of Delaware.
On June 10, 2019, the Company received a letter form the listing qualifications department staff of the Nasdaq Stock Market (“Nasdaq”) notifying the Company that, as a result of the Chapter 11 Cases and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined that the Company’s securities will be delisted from Nasdaq. Accordingly, unless the Company requests an appeal of this determination, trading of the Company’s securities will be suspended at the opening of business on June 19, 2019 and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on Nasdaq.
The Company does not intend to appeal the determination and, therefore, it is expected that the Company’s securities will be delisted. The Company expects the trading of its securities will be eligible to be quoted on the over-the-counter market on June 19, 2019, but no assurance can be made that trading in the Company’s securities on the over-the-counter market will commence or be maintained. The transition does not affect the Company’s operations and does not change reporting requirement under SEC rules.
The Company cautions that trading in the Company’s securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders of the Company’s securities in the Chapter 11 Cases. It is unlikely that holders of the Company’s common stock will receive any recovery on account of such securities.
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