$INSY Insys Therapeutics ( INSY
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) , a developer of pharmaceutical cannabinoids and spray technology, reiterated its ongoing efforts to fundamentally transform the company, saying it has invested about $250 million in research and development (R&D) since 2014, including nearly $140 million in 2016 and 2017.
The company said it has prioritized research programs of two life-saving investigational products - naloxone and epinephrine. Shares fell more than 4% intraday.
Initial clinical trials of these two product candidates "showed promising results," providing hope for the company to file new drug applications (NDAs) in 2018 and 2019, respectively.
"Filing these two NDAs would support our company's aspirational goal of filing at least one NDA per year over the next five years," the company said in a statement. "Our company continues to put behind it the significant challenges caused by the inappropriate actions of certain former employees, most of which is over four or more years ago."
It further added that two-thirds of the members of the board are new, and all are independent. The vast majority of management across the entire organization, including sales and marketing, are new to the company. Additionally, more than 40% of the employee base of approximately 330 people are also new to the company.
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