March 13, 2019 / 2:55 PM / a month ago

Insys Therapeutics' auditor raises going concern doubts, shares drop

(Reuters) - Insys Therapeutics Inc said on Wednesday its auditor raised doubts on the drugmaker’s ability to continue as a going concern, sending its shares down as much as 10 percent.

The company said the auditor’s opinion on the audited financial statements for the year ended Dec. 31, 2018 flags uncertainty in its ability to generate enough cash to meet its legal obligations and sustain operations.

Last week, Insys said it had hired Lazard to advise on its plans to explore strategic options and is in talks to divest its fentanyl sublingual spray Subsys.

Shares of the company fell 7.4 percent to $5.26 in morning trading.

Reporting by Saumya Sibi Joseph in Bengaluru; Editing by James Emmanuel

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