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Insys Therapeutics Reports Second Quarter 2017 Results

PHOENIX, Aug. 03, 2017 (GLOBE NEWSWIRE) -- Insys Therapeutics, Inc. (INSY) ("INSYS" or "the Company") today announced financial results for the three-month period ended June 30, 2017.

Highlights of and subsequent to the second quarter of 2017 include:

  • Total net revenue was $42.6 million, compared to $69.2 million for the second quarter of 2016;
  • Net loss totaled $8.2 million, or ($0.11) per basic and diluted share, compared to net income of $6.0 million, or $0.08 per basic and diluted share, for the second quarter of 2016;
  • Appointed Andrew G. Long, a seasoned finance executive with three decades of experience in the life sciences, bio-pharma and industrial sectors, as Chief Financial Officer;

  • Further strengthened management team adding four key pharmaceutical industry veterans in leadership positions; and
  • SYNDROS™ (dronabinol oral solution) (CII), the first and only FDA-approved liquid dronabinol, is now available for health care professionals to prescribe and stocked with most major wholesalers for retail pharmacy ordering or through the INSYS Specialty Pharmacy Network.

“I am encouraged by our progress since joining Insys in April. In addition to building and strengthening the Company’s management team, we have launched SYNDROS, the second product developed and commercialized by Insys. We continue to advance our R&D pipeline, including the cannabinoid and sublingual spray platforms, and expect to file at least one New Drug Application with the FDA each year for the next five years, ” said Saeed Motahari, President and Chief Executive Officer of Insys Therapeutics.

Second Quarter 2017 Financial Results

Net revenue for the second quarter of 2017 was $42.6 million, compared to $69.2 million for the second quarter of 2016. The results reflect a decline in Subsys® (fentanyl sublingual spray) prescription volumes...


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