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Shares of bankrupt Chandler opioid maker to be delisted

Posted at 11:14 AM, Jun 12, 2019
and last updated 2019-06-12 14:43:40-04

CHANDLER, AZ — Shares of Insys Therapeutics Inc. will soon be delisted from the Nasdaq stock exchange, on the heels of the pharmaceutical firm's bankruptcy filing earlier this week.

Chandler-based Insys (Nasdaq: INSY) said in a regulatory filing Tuesday its stock will be delisted from the Nasdaq Stock Exchange at the start of trading June 19 unless the company appeals the move. Insys does not intend to appeal, according to the filing.

Last week, the once high-flying drug maker announced a $225 million settlement with the federal government over ongoing litigation related to the company's role in the country's ongoing opioid crisis.

As part of the settlement, Insys admitted to bribing doctors for additional prescriptions for Subsys, a highly addictive opioid originally approved by the Food and Drug Administration for cancer patients.

For more on the trial and settlement, read the full story on the Phoenix Business Journal.