Insys Therapeutics Inc (NASDAQ:INSY) shares have been taking a beating. Perhaps in response, the company just provided an update on its product pipeline, which includes cannabidiol (CBD) oral solution as well as epinephrine and naloxone nasal sprays.
“Our strategic shift in focus away from opioids and to pharmaceutical-grade cannabinoids and novel drug delivery systems continues to gain momentum and has been driven by our strong commitment to advancing our diverse product pipeline,” said Saeed Motahari, president and chief executive officer of INSYS Therapeutics. “Through this intense focus on our reprioritized pipeline over the last year, which has been anchored by a patient-centric mission and commitment, we are radically transforming this company. As we look forward, we have the potential to submit six new drug applications over the next three years, two of which are scheduled for 2019.”
Insys Therapeutics Inc (NASDAQ:INSY) frames itself as a specialty pharmaceutical company that develops and commercializes supportive care products.
The company markets SUBSYS, a sublingual fentanyl spray for breakthrough cancer pain in opioid-tolerant adult patients; and SYNDROS, an orally administered liquid formulation of dronabinol for the treatment of chemotherapy-induced nausea and vomiting, and anorexia associated with weight loss in patients with AIDS.
It is also developing Cannabidiol Oral Solution, which has completed pediatric study for the treatment of pediatric epilepsy; has completed Phase II study to treat west syndrome; and is in Phase II study for the treatment of childhood absence epilepsy, as well as Buprenorphine Sublingual Spray that has completed Phase III study to treat acute pain.
In addition, the company is developing Cannabidiol Oral Solution for the treatment of prader willi; Buprenorphine/Naloxone Sublingual Spray to treat opioid dependence; and Naloxone Nasal Spray for the treatment of opioid antagonist.
Where Are We Going, Where Have We Been
As we discussed earlier, INSY company just provided an update on its product pipeline, which includes cannabidiol (CBD) oral solution as well as epinephrine and naloxone nasal sprays.
Even in light of this news, INSY has had a rough past week of trading action, with shares sinking something like -7% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -34%.
Perhaps most importantly, INSYS anticipates that it will have a number of critical interim steps and proof points across its diverse product portfolio over the next several months. According to the release, “this includes two potentially life-saving investigational products using its spray technology that are in advanced stages of clinical development: a) naloxone nasal spray for opioid overdose, and b) epinephrine nasal spray for anaphylaxis. It also includes clinical development efforts focused on cannabinoids: a) CBD oral solution as an investigational treatment for childhood absence epilepsy (Phase 2), b) infantile spasms (Phase 3), c) Prader-Willi Syndrome (Phase 2); and, d) dronabinol inhalation as a potential treatment for a variety of conditions, including anorexia in cancer.”
Insys Therapeutics Inc (NASDAQ:INSY) had no reported sales in its last quarterly financial data. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($518K against $1.4M, respectively).