Actionable news
All posts from Actionable news
Actionable news in INSY: Insys Therapeutics, Inc.,

Insys takes $4.5 million charge to settle Illinois opioid lawsuit

BOSTON, Aug 3 (Reuters) - Insys Therapeutics Inc said on Thursday it was taking a $4.5 million charge in connection with resolving a lawsuit by Illinois' attorney general claiming it deceptively marketed a fentanyl-based cancer pain drug for off-label uses.

The drugmaker announced the charge as it reported a 38 percent decline in quarterly revenue resulting from a further drop in prescriptions for Subsys, a synthetic opioid at the center of the lawsuit and federal probes.

Those investigations led to federal prosecutors in Boston in December charging six former Insys executives and managers, including former Chief Executive Michael Babich, with engaging in a scheme to bribe doctors to prescribe Subsys.