Insys Therapeutics has announced the resignation of President and CEO Michael L. Babich and the appointment of John N. Kapoor to those positions, effective November 4, 2015. The company also named Daniel Brennan as Executive VP and COO.
The effective date of the CEO change is the same day that CNBC aired an investigative report about Insys, which is under investigation in a half dozen states for practices related to marketing of its Subsys sublingual fentanyl spray and is the subject of a class action lawsuit by investors.
Insys recently announced that it had hired several OINDP specialists and had added inhaled dronabinol (THC) and cannabidiol (CBD) products to its pipeline. The company is also developing a sublingual naloxone spray, which recently received Fast Track designation from the FDA.
Kapoor commented, “Mike has been with us since the inception of the Company and we have worked together for 14 years. During Mike’s tenure, Insys transitioned from a development stage enterprise to a successful, commercial, publicly-traded company known for its development of a leading commercial product, Subsys. On behalf of everyone at Insys, we wish Mike well as he takes the next steps in his personal and professional path.”
Read the Insys Therapeutics press release.
Watch the CNBC report on Insys Therapeutics.
