Insys Therapeutics Inc (NASDAQ: INSY)
Insys Therapeutics is having an overwhelmingly strong beginning to the trading session today, starting the day off in the green. As a result, our partners at Trade Ideas sent an alert surrounding the stock, which prompted us to dig and see what was happening. The gains seem to be the result of the company’s new treatment being in the news due to a DEA ruling. At the moment (9:31), INSY is trading at $11.42 per share after a gain of $1.21 per share (11.86%) thus far today.
DEA Issues Ruling On INSY Syndros(TM)
As mentioned above, Insys Therapeutics is having an overwhelmingly strong start to the trading session today after its treatment came up in a DEA ruling. In an announcement, the US Drug Enforcement Agency announced that it issued an interim final rule on Syndros(TM). The DEA has scheduled the treatment as a Schedule II controlled substance under the Controlled Substances Act. This is great news, as the marijuana-derived treatment has been scheduled as a safer drug than marijuana itself. In a statement, Dr. Santosh Vetticaden, Ph.D., M.D., Interim CEO and CMO at INSY, had the following to offer:
“Insys is looking forward to bringing this new drug product to chemotherapy patients to help alleviate their nausea and vomiting and AIDS patients with anorexia associated weight loss, respectively. We look forward to interacting with the FDA to finalize labeling and subsequent launch of Syndros in the second half of 2017.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on INSY. In particular, we’ll be following the ongoing work surrounding Syndros, and we are excited for the launch of the treatment later this year. We’ll continue to follow the story closely and bring you the news as it breaks!
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