PHOENIX, Oct. 13, 2016 (GLOBE NEWSWIRE) — Insys Therapeutics, Inc. (NASDAQ:INSY) (“Insys” or “the Company”) today announced that its preliminary estimated revenues from Subsys® (fentanyl sublingual spray) for the third quarter of 2016 will be in the range of $54 million to $55 million. The Company believes it will be cash-flow positive at this level of sales and will be able to meet its overall objectives of new product development and future growth.
Estimated revenues for the quarter reflect a decline in prescriptions as the Company continues to believe that the ongoing and heightened publicity surrounding the national opioid epidemic and continuing governmental and regulatory scrutiny of the Company and the transmucosal immediate release fentanyl (“TIRF”) class has resulted in a sensitivity by some healthcare providers to prescribe and dispense TIRF medications. The Company also believes that continuing scrutiny by third-party payers has resulted in patients having more difficulty obtaining reimbursement for their TIRF medications.
Today’s preliminary estimate of revenues from Subsys, which is unaudited, is based on management’s preliminary financial analysis.
About Insys Therapeutics, Inc.
Insys Therapeutics is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve the quality of life of patients. Using proprietary sublingual spray technology and capabilities to develop pharmaceutical cannabinoids, Insys is developing a pipeline of products intending to address unmet medical needs and the clinical shortcomings of existing commercial products. Insys currently markets one product, SUBSYS® (fentanyl sublingual spray) but has received approval for the marketing of SYNDROSTM (dronabinol oral solution), a proprietary, orally administered liquid formulation of dronabinol that Insys believes has distinct advantages over the current formulation of dronabinol in soft gel capsule. Insys is committed to developing medications for potentially treating addiction to opioids, opioid overdose, epilepsy, and other disease areas with high unmet need.
SUBSYS® and SYNDROSTM are trademarks of Insys Development Company, Inc., a subsidiary of Insys Therapeutics, Inc.
This press release contains forward-looking statements including (i) our preliminary estimate of third quarter 2016 revenue and the financial analysis related thereto, (ii) the Company’s belief that it will be cash flow positive at the disclosed level of sales and will be able to meet its overall objectives of new product development and future growth, and (iii) the Company’s belief regarding the causes of the decline in prescriptions and revenue as set forth in the release . These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release; actual results may differ materially from those in these forward-looking statements as a result of various factors, many of which are beyond our control. These factors include, but are not limited to risk factors described in the Company’s filings with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 and subsequent updates that may occur in our Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or revise these statements, except as may be required by law.
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