March 8, 2018 / 9:36 PM / 12 days ago

Drugmaker Insys reports bigger loss on lower Subsys sales

March 8 (Reuters) - Insys Therapeutics Inc reported a bigger fourth-quarter loss compared with a year earlier, hurt by higher costs and soft demand for Subsys, an opioid cancer pain medication at the center of a federal probe of the company.

The drugmaker said on Thursday net loss was $47 million or 65 cents per share in the quarter ended Dec. 31, compared with $3.7 million or 5 cents per share, a year earlier.

Revenue fell 42.6 percent to $31.5 million.

Insys has been embroiled in legal problems since October last year when founder John Kapoor resigned from Insys’ board of directors after being arrested on charges that he participated in a scheme to bribe doctors to prescribe Subsys. (Reporting by Anuron Kumar Mitra; Editing by Sai Sachin Ravikumar)

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