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INSYQ: Bankruptcy PLAN effective. All shares cancelled. Renee 02/19/20 10:10 AM
Stock de-registered... see the filing above... trader59 02/12/20 1:58 PM
Okay So I Did Lose face Here. Trying mulder35 01/17/20 11:36 AM
Thanks, knew that shareholders would get wiped out... trader59 01/16/20 8:42 PM davidsson10 01/16/20 5:42 PM
Company is dead and nearly buried. There trader59 01/16/20 10:59 AM
Dont Be Shy People to Pull The Trigger!!!! mulder35 01/16/20 9:11 AM
LOL!!! There's still time to buy the stock before trader59 01/15/20 1:59 PM
BUY and HOLD!!!! Jealously is Everywhere!! This is mulder35 01/15/20 1:33 PM
LOL!!! Hold your shares??? Why??? They'll be trader59 01/15/20 1:02 PM
8 Cents Now!!!! HOLD YOUR SHARES...Anyone Bought At mulder35 01/15/20 12:28 PM
Bagholders exchange program. trader59 01/15/20 11:56 AM
Why???? Because Someone is Putting $20,000 at 5 mulder35 01/15/20 9:50 AM
LOL!! Why would anybody buy it before it gets trader59 01/09/20 11:29 AM
Only The Negative.. Im Looking for Positive Comments... mulder35 01/09/20 11:16 AM
No, they are liquidating this company, and once trader59 01/08/20 2:59 PM
Back Over 3 Cents FINALLY.... IS There More mulder35 01/08/20 11:43 AM
As I Said.. There will Be a Bounce.... mulder35 11/19/19 12:54 PM
Is it over for insy or change of tiger1966 11/19/19 10:39 AM
Problem is this is a bankrupt company, and trader59 11/05/19 5:08 PM
STOCK WILL HAVE A BOUNCE BEFORE THE END.... mulder35 11/05/19 12:21 PM
events on mon,could see run today 81vette 09/27/19 9:25 AM
Item 1.01Entry into a Material Definitive Agreement. 81vette 09/26/19 12:30 PM
royalty payments 45% of net sales are coming,INSYQ 81vette 09/26/19 12:26 PM
8k just released,drug that caused their suit being 81vette 09/26/19 12:07 PM
all board of directors and managers are new 81vette 09/26/19 11:55 AM
$300,000 traded yesterday,$90,000 so far today, defunct Qs 81vette 09/26/19 11:20 AM
6 day run,yesterdays candle on the bolie,today just 81vette 09/26/19 11:14 AM
pps was $45 in 2016,orphan drug approval news coming 81vette 09/26/19 11:10 AM
90k demand,next leg coming,chase on 81vette 09/26/19 10:47 AM
first ever opioid bankruptcy suit,emerged ok(wasn't completely destroyed,lol)ot 81vette 09/26/19 10:45 AM
big$$$ was in the court rooms,attorneys,judges,ect.all thinking I 81vette 09/26/19 10:38 AM
bankruptcy was to protect them from the lawsuit,its 81vette 09/26/19 10:35 AM
sweet pull back from overbought,needed that for healthy continue 81vette 09/26/19 10:20 AM
Yep, and especially when a bankrupt company tells trader59 09/26/19 7:48 AM
The Company cautions that trading in the Company’s davidsson10 09/26/19 6:45 AM
Im Up Over 200% On This "DEAD" Company!!! mulder35 09/25/19 11:13 AM
LOL. Who is? This company is dead. trader59 09/19/19 5:23 PM
.09 Cents??!!! Guess its only ME on this mulder35 09/10/19 1:26 PM
Mun5 I cant tell IF its Approved? One mulder35 08/20/19 12:12 PM
INSYQ: FDA approval posted on FDA website. NOT mun5 08/20/19 10:34 AM
With $175M of assets and $262M of debt, trader59 08/19/19 4:17 PM
INSYQ: FDA approves Orphan Drug Status for epilepsy. mun5 08/19/19 3:53 PM
Brnovich announced his office filed a consumer law Koog 07/18/19 8:46 PM
News is strong an the recovery is in WallStreetMyWay 07/17/19 12:16 PM
Bought some on the changes an recovery of WallStreetMyWay 07/17/19 12:15 PM
Means most likey the postioing to contuines added WallStreetMyWay 07/17/19 10:14 AM
Dead stock here. The company said they're trader59 07/15/19 8:47 PM
Nice movement today .. let’s hope it continues GoldiS 07/15/19 6:20 PM
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Insys Therapeutics Inc. (fka INSYQ)

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Bankrupt Insys offers to turn out its almost empty pockets for plaintiffs


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. 

As part of its liquidation, Insys would create a "victims restitution trust" to help settle the drugmaker's liabilities––legal and otherwise––that could have been as high as $16 billion, the company said in a Securities and Exchange Commission (SEC) filing. That number was reduced in arbitration, though the SEC filing doesn't disclose it.

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.

INSYS Therapeutics Initiates Court-Supervised Process to Facilitate Asset Sales and Address Legacy Liabilities
Company to Facilitate Transaction Process and Sale of Substantially All Assets Through Chapter 11 of the U.S. Bankruptcy Code

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 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.

SEC Form 8-K

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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