×

Insys Therapeutics posts net loss in third quarter

Nov 2 (Reuters) - Insys Therapeutics on Thursday reported a net loss for the third quarter, compared to a year-ago profit, amid an investigation of the U.S. drugmaker's founder on charges of bribery.

The company reported a net loss of $166.3 million or $2.30 per share in the quarter ended Sept. 30, compared to a net income of $2.9 million or 4 cents per share, a year earlier.

Insys recorded a $150 million charge in the latest quarter related to an ongoing federal investigation into its opioid painkiller, Subsys.

Net revenue fell to $30.7 million from $57.8 million.

Insys's billionaire founder John Kapoor was arrested on charges that he participated in a scheme to bribe doctors to prescribe Subsys. Kapoor, also Insys's majority shareholder, resigned from the company's board on Sunday. (Reporting by Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)