Insys Therapeutics Announces CEO Succession Plan
September 21 2016 - 6:00AM
Insys Therapeutics, Inc. (NASDAQ:INSY) ("Insys" or "the Company")
today announced that the Company’s Board of Directors (“Board”) has
initiated a search to identify a candidate to succeed Dr. John N.
Kapoor as President and Chief Executive Officer (“CEO”). Dr.
Kapoor will continue to serve as President and CEO until his
replacement is appointed. The Board has appointed a special
committee, comprised of independent Board members, Patrick P.
Fourteau, Steven Meyer and Pierre Lapalme, to conduct the search
for the Company’s next CEO. These board members are,
respectively, the chairs of the compensation committee, audit
committee and nominating and corporate governance committee of the
Board.
Mr. Fourteau stated, "Dr. Kapoor stepped into the role of CEO to
rebuild the Company from an operational perspective. His expertise,
dedication and commitment are very much appreciated. Under his
leadership and guidance through this transition period, we believe
Insys has emerged as a stronger company."
Dr. Kapoor stated, “I founded Insys nearly 15 years ago because
I had a vision of helping patients with unmet medical needs.
As I return to focus on my outside interests, I am convinced more
than ever that our existing products and pipeline have significant
potential to benefit patients. Our Company remains committed
to overcoming the challenges that we have faced and building
shareholder value.”
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.
Forward-Looking Statements This press release
contains forward-looking statements, including statements regarding
our belief that SYNDROS has distinct advantages over the current
formulation of dronabinol in soft gel capsule. These
forward-looking statements are based on management's expectations
and assumptions as of the date of this press release, and 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. For a description of these risks facing the company,
please see the risk factors described in our 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 any
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 update or revise
these statements, except as may be required by law.
Contact:
Lisa M. Wilson
President
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com
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