Insys Therapeutics (INSY), the once high-flying drug maker that is among the companies blamed for fueling the U.S. opioid crisis, is in danger of going out of business.
A combination of financial losses and uncertainty about its cash position prompted its auditor to determine there is “substantial doubt” whether the company can continue “as a going concern,” according to documents filed with the Securities and Exchange Commission. The drug maker added that it is trying to raise funds, but conceded there are “no assurances” (see page 43).
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Excellent closing line – “The current Insys management has otherwise kept busy trying to develop cannabinoid products.” As I was reading, I wondered ‘what they were smoking’ to engage in such activities.