PHOENIX, AZ--(Marketwired - Mar 31, 2014) - Insys Therapeutics, Inc. (NASDAQ: INSY), a specialty pharmaceutical company with focus on supportive care products for cancer patients, today announced that the Company has completed its previously disclosed three-for-two stock split, effected through a stock dividend.
The record date for the stock split was the close of business on March 17, 2014, and share distribution occurred on March 28, 2014. As a result of the dividend, shareholders received one additional share of Insys Therapeutics, Inc. common stock, par value $0.0002145, for each two shares they held as of the record date. Total shares outstanding increased from approximately 22.8 million to 34.2 million shares.
"This action increases the liquidity of our stock, and reflects our confidence in the strength and continuing growth of our Company," said Michael L. Babich, President and Chief Executive Officer. "We are committed to remaining profitable and continuing to build shareholder value with our marketed products and through our robust R&D pipeline."
About Insys Therapeutics, Inc.
Insys Therapeutics, Inc. is a commercial-stage specialty pharmaceutical company that develops and commercializes innovative supportive care products, with a focus on utilizing its proprietary formulation technologies to address the clinical shortcomings of existing commercial pharmaceutical products. The Company has two marketed products including Subsys®, a proprietary sublingual fentanyl spray for breakthrough pain in opioid-tolerant cancer patients. Insys markets Subsys through its incentive-based, cost-efficient commercial sales force. The Company is developing a robust pipeline of product candidates led by dronabinol oral solution, a proprietary orally administered liquid formulation of dronabinol, which, if approved, would be its second branded supportive care product.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts, included in this press release could be deemed forward-looking statements, particularly statements about our plans, strategies and prospects. 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. All forward-looking statements in this release are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Factors, uncertainties and risks that could affect our future results or operations include, but are not limited to risks regarding: Insys' ability to launch and commercialize products successfully; the timely conclusion of discussions regarding scheduling of the Company's dronabinol oral solution product candidate; the timing and acceptance for filing by the FDA of regulatory submissions for Insys' product candidates; Insys' ability to successfully manage its commercial relationships and sales infrastructure, compliance with post-approval regulatory requirements; the outcome of ongoing litigation; the Company's need to potentially obtain additional financing to successfully commercialize or further develop its existing products and product candidates; and other risks and uncertainties that may be detailed, from time-to-time, in Insys' reports filed with the SEC, including, but not limited to, its reports on forms 10-Q, 8-K and S-1. Insys undertakes no obligation to update or revise these statements, except as may be required by law.
Subsys® is a registered trademark of Insys Therapeutics, Inc.