Fentanyl Maker (Insys Therapeutics) Donates $500K to Campaign Opposing Pot Legalization

Fentanyl Maker (Insys Therapeutics) Donates $500K to Campaign Opposing Pot Legalization”

A week after it had agreed to pay a $225 million settlement to United States regulators, Insys Therapeutics has announced that it will be filing for Chapter 11 bankruptcy protection. A month earlier, a federal jury in Boston found Insys founder John Kapoor and four other former executives and managers guilty of engaging in a vast racketeering conspiracy.

The firm was forced to pay a hefty fine last week after prosecutors found substantial evidence revealing how the drug maker was bribing doctors to prescribe its opioid medication. More than 7,000 deaths have reported for people who were prescribed Subsys, according to the U.S. Food and Drug Administration's Adverse Events Reporting System.

"For years, Insys engaged in prolonged, illegal conduct that prioritized its profits over the health of thousands of patients who relied on it", Andrew E. Lelling, the USA attorney for the District of MA, said in a news release.

An opioid drugmaker whose former executives were convicted last month in a scheme to illegally influence doctors to prescribe its drug and that reached a almost quarter of $1 billion settlement last week is filing for bankruptcy.

The powerful drug was only approved for consumption among patients with cancer who were already consuming large quantities of opioids. Kapoor was convicted for bribing doctors through monetary and sexual courtesies to prescribe the highly addictive drug to patients by the thousands, even those who had no sign of cancer.

Insys listed United States dollars 175.1 million and US$262.5 million in debt in a bankruptcy petition, with Kapoor owning 63.2% of the firm.

The Chapter 11 bankruptcy filing marked a first for a drugmaker accused in lawsuits of helping fuel the deadly USA opioid endemic and came just days after Insys struck a $225 million settlement with the Justice Department.

Subsys' net revenues during that time grew from $8.6 million in 2012 to $329 million in 2015.

The investigation took a toll on Insys and sales of Subsys declined.

The agency recently ramped up its probe into USA pharmaceutical company's following President Donald Trump's announcement that the opioid crisis in the United States has become a public health emergency. The company had stated that it is considering filing for bankruptcy due to the litigations. Notorious OxyContin maker Purdue Pharma also reportedly explored the option.

Monday's bankruptcy filing sent Insys shares tumbling 66% to 44 cents in premarket trading.

John Kapoor controls more than 60 percent of the company's stock, which slid below $1 a share after the filing.

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