The founder was charged with bribing doctors to prescribe opioid painkillers last week.
PHOENIX, Oct. 29, 2017 (GLOBE NEWSWIRE) -- Insys Therapeutics (NASDAQ:INSY) (“INSYS” or “the company”) today accepted the resignation of the company’s founder, Dr. John N. Kapoor, from its Board of Directors. The full text of Dr. Kapoor’s letter of resignation follows:
Dear INSYS Board Members:
I have decided to step down from my seat on the Board of Directors of INSYS Therapeutics, effective immediately.
I am confident that I have committed no crimes and believe I will be fully vindicated after trial. Nevertheless, I realize that my continued involvement with INSYS will only serve to draw unnecessary attention to the company and its employees, and distract the management team from my primary goal when I founded INSYS—helping patients. Throughout my career in the pharmaceutical industry, which has spanned almost a half century, my focus has always been innovation, creating jobs and advancing patient care.
As part of this process of stepping down, I plan to put my shares in a trust to be controlled independently and continue to have a long-term commitment to the company as a stockholder. I am hopeful that my voluntary resignation will ensure that INSYS remains an industry leader in the development of novel therapies to improve patient lives and will allow the company, its employees, shareholders, customers, and patients to benefit from all that INSYS has to offer, now and in the future.
Sincerely,
John N. Kapoor, Ph.D.
About INSYS
INSYS Therapeutics is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve patients’ quality of life. Using proprietary 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.
Disclaimer and Forward-Looking Statements
The resignation letter and the statements made therein are solely Dr. Kapoor’s and the company does not adopt or endorse the statements made therein and does not intend to comment on this ongoing legal proceeding. This news release contains forward-looking statements. These forward-looking statements are based on management’s expectations and assumptions as of the date of this news 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 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 Dec. 31, 2016 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 news release, and we undertake no obligation to publicly update or revise these statements, except as may be required by law.
CONTACT:
Media Relations
Joe McGrath
Senior Director, Corporate Communications
INSYS Therapeutics
480-500-3101
jmcgrath@insysrx.com
Investor Relations
Jackie Marcus or Chris Hodges
Alpha IR Group
312-445-2870
INSY@alpha-ir.com
