The approval is an important step forward in our court-supervised process, which is intended to fairly and transparently address the Company’s legacy legal liabilities.
PHOENIX, June 12, 2019 (GLOBE NEWSWIRE) — INSYS Therapeutics, Inc. (NASDAQ: INSY) (“INSYS” or the “Company”), a specialty pharmaceutical development and distribution company, announced that on June 11, 2019, INSYS received interim approvals from the U.S. Bankruptcy Court for the District of Delaware for its First Day motions related to the Chapter 11 petitions filed on June 10, 2019.
Andrew G. Long, Chief Executive Officer of INSYS Therapeutics, Inc., said, “This is an important step forward in our court-supervised process, which is intended to fairly and transparently address the Company’s legacy legal liabilities. I would like to thank our team for their continued hard work and dedication as we move forward with our asset sale process.”
The Court granted INSYS interim approval to continue its existing cash management system to collect and disburse cash generated by the business. In addition, INSYS received Court approval to, among other things, continue payment of employee wages and benefits and to continue programs offered to customers. The Company also received approval to continue to pay vendors and other providers essential to the Company’s operations in full for goods and services provided after the Chapter 11 filing.
Court documents and additional information can be found at a website administered by INSYS’ claims agent, Epiq, at https://dm.epiq11.com/Insys or by calling the Company’s Restructuring Hotline, toll-free in the U.S., at (855) 424-7683. For calls originating outside of the U.S., please dial +1 (503) 520-4461.Weil, Gotshal & Manges LLP is serving as legal counsel to INSYS, Lazard Frères & Co. LLC is serving as investment banker, and FTI Consulting, Inc. is serving as financial advisor.
INSYS Therapeutics is a specialty pharmaceutical company using proprietary technology and capabilities to develop and commercialize innovative pharmaceutical products intended to address unmet medical needs and the clinical shortcomings of existing commercial products.
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “intend” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements.
The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which could include the following: risks and uncertainties relating to the Chapter 11 Cases, including but not limited to, the Company’s ability to obtain Court approval with respect to motions in the Chapter 11 Cases, the effects of the Chapter 11 Cases on the Company and on the interests of various constituents, Court rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases in general, the length of time the Company will operate under the Chapter 11 Cases, risks associated with third-party motions in the Chapter 11 Cases, the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s reorganization; the effects of disruption from the Chapter 11 Cases making it more difficult to maintain business and operational relationships, to retain key executives and to maintain various licenses and approvals necessary for the Company to conduct its business; uncertainty associated with the Company’s ability to complete the sale of its assets as contemplated by the Chapter 11 Cases; trading price and volatility of the Company’s common stock and the ability of the Company to remain listed on Nasdaq as well as other risk factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
The Company, therefore, cautions readers against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Michael Freitag / Matthew Gross / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher