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PHOENIX, AZ -- (Marketwired) -- 06/08/15 -- Insys Therapeutics, Inc. (NASDAQ: INSY) ("Insys" or "the Company") today announced that the Company has completed its previously disclosed two-for-one stock split, effected through a stock dividend.
The record date for the stock split was the close of business on May 26, 2015, and share distribution occurred on Friday, June 5, 2015. As a result of the dividend, shareholders received one additional share of Insys Therapeutics, Inc. common stock, par value $0.01, for each share they held as of the record date. Total shares outstanding increased from approximately 35.8 million to 71.6 million shares. Insys' common stock will begin trading on a split-adjusted basis today.
"This action facilitates shareholder liquidity, and reflects our confidence in the strength and continuing growth of our Company," said Michael L. Babich, President and Chief Executive Officer. "We continue to focus our clinical, regulatory and commercial expertise on developing and successfully commercializing innovative products, which we believe will enable us to build long-term value."
About Insys Therapeutics, Inc.
Insys Therapeutics is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve the quality of life of patients. Using our proprietary sublingual spray technology and our capability to develop pharmaceutical cannabinoids, Insys addresses the clinical shortcomings of existing commercial products. Insys currently markets two products: Subsys®, which is sublingual Fentanyl spray for breakthrough cancer pain, and a generic version of Dronabinol (THC) capsules. The Company's lead product candidate is Dronabinol Oral Solution, a proprietary, orally administered liquid formulation of dronabinol that Insys believes has distinct advantages over the current formulation of dronabinol in soft gel capsule. Insys is developing a pipeline of sublingual sprays, as well as pharmaceutical cannabidiol.
Subsys® is a registered trademark of Insys Therapeutics, Inc.
This press release contains forward-looking statements regarding our research and development and clinical efforts, including statements related to our belief that our Dronabinol Oral Solution formulation has distinct advantages over the current formulation of dronabinol in soft gel capsule. These forward-looking statements are based on management's expectations and assumptions as of the date of this press 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 December 31, 2014 and any subsequent updates that may occur in our Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or revise these statements, except as may be required by law.
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