Insys Therapeutics, Inc. Named Arizona Bioscience Company of the Year
CHANDLER, Ariz.--(BUSINESS WIRE)--In recognition of its innovation on behalf of patients, investments in product line development, and its rapidly escalating growth, Insys Therapeutics, Inc., of Chandler, Arizona, was named the 2014 Arizona Bioscience Company of the Year by the Arizona Bioindustry Association (AZBio).
“While early stage investors and shareholders have definitely benefited from the work of the Insys team, the real winners here are the patients who will benefit from the products that Insys delivers today and is developing for the future.”
Insys Therapeutics, Inc. (NASDAQ: INSY) is a commercial-stage specialty pharmaceutical company based in Chandler, Arizona, that develops and commercializes innovative supportive care products.
In one of the hottest years for biotech IPOs in recent memory, Insys was the top performing IPO of 2013 with over 380% growth in shareholder value and a market cap in excess of $800 million at the end of the year.
“When one of our Arizona bioscience companies achieves great success, it’s cause for celebration across the entire community,” shared AZBio president and CEO Joan Koerber-Walker. “While early stage investors and shareholders have definitely benefited from the work of the Insys team, the real winners here are the patients who will benefit from the products that Insys delivers today and is developing for the future.”
With two marketed products, SUBSYS and Dronabinol SG Capsule, Insys leverages its sublingual spray drug delivery technology and dronabinol formulation and manufacturing capabilities, respectively.
In December 2011, Insys launched Dronabinol SG Capsule, a generic equivalent to Marinol (dronabinol), an FDA-approved second-line treatment for chemotherapy-induced nausea and vomiting, or CINV, and anorexia associated with weight loss in patients with AIDS.
Insys launched SUBSYS, its proprietary sublingual fentanyl spray for BTCP (breakthrough cancer pain), in opioid-tolerant patients in March of 2012.
In addition to its IPO in 2013, Insys revenue began to rapidly ramp with total net revenue for the year ended December 31, 2013, at $99.3 million, an increase of $83.8 million as compared to $15.5 million for 2012.
2014 brought even faster growth, with $97.3 million in total net revenue reported in the first six months of the year.
2014 has also been a strong year for developing Insys’ product pipeline. The FDA granted Insys Orphan Drug Designation for use of pharmaceutical cannabidiol, or CBD, for the treatment of both Lennox-Gastaut Syndrome and Dravet Syndrome, two rare forms of epilepsy in children, and for the treatment of glioblastoma multiforme, an aggressive and often incurable form of brain cancer. Insys plans to file an IND for CBD in the second half of 2014.
The company recently submitted its NDA for Dronabinol Oral Solution, a novel formulation which has the potential to offer distinct advantages over existing generic capsules including a faster rate of absorption, more consistent blood levels, and the ability to titrate to effect.
Recent recipients of the Arizona Bioscience Company of the Year Award include: W.L. Gore & Associates (2013), Cord Blood Registry (2012), SynCardia Systems, Inc. (2011), Abraxis Biosciences (2010) which was acquired by Celgene that year for $2.9B, Ventana Medical Systems, Inc. (2009) which was acquired by Roche in 2010 for $3.4B.
For a full list of past honorees, visit http://www.azbio.org/awards-2014/awards-history.
For registration and more information, go to www.azbio.awards.com.
AZBio – The Arizona Bioindustry Association – is comprised of member organizations in business, research, government, and other professions involved in the biosciences. AZBio supports the members of the Arizona bioscience community by providing access to the key resources, connections, and information that support their ability to Connect, Collaborate, Innovate and Succeed thus supporting the growth of a thriving economic ecosystem for Arizona’s Bioscience Industry.
About Arizona Bioscience Week – Sept. 15 – 20, 2014
The AZBio Awards are just one of the exciting opportunities to connect with Arizona’s fastest growing industry sector during Arizona Bioscience Week. Other activities include company showcases and student discovery presentations that are free and open to the public as well as the White Hat Life Science Investor Conference which will be held September 18, 2014.
Arizona’s Life Science Industry is our state’s fastest growing technology sector and investments in Arizona companies are paying off as demonstrated by Insys Therapeutics (Chandler) which was the top performing initial public offering of 2013 and Ulthera (Mesa) which is being acquired this year for $600 million. AZBio in partnership with the Life Science Associations of Southern California, Arizona, Colorado, Utah, Montana, Nevada, and Texas, is hosting accredited investors as guests for both the AZBio Awards September 17, 2014 and the White Hat Life Science Investor Conference on September 18.
In addition to great company presentations in the areas of Medical Device, Diagnostics, Therapeutics and Health IT, White Hat includes 3 general sessions (breakfast, lunch and closing) featuring panel discussions on the investment environment from the perspective of Angels, Strategic Investors and VC’s with panelists including: James Healy of Soffinova Ventures, Risa Stack of GE Ventures, David Douglass of Delphi Ventures, Jonathan Root of US Venture Partners, Randal Schulhauser of Medtronic, Evelia Johnston of the Michael J. Fox Foundation, Harry George of Solstice Capital, and more.
Details and registration information can be found at www.WhiteHatInvestors.com. Registration is complimentary for all investors and members of the media.
Images available upon request.