UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 1930, 2019

Insys Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-35902	51-0327886
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

410 S. Benson Lane Chandler, Arizona		85224
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (480) 500-3127

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered or to be registered pursuant to Section 12(b) of the Act.*

Title Of Each Class		Trading Symbol	Name Of Each Exchange On Which Registered
Common Stock, $0.01 Par Value Per Share		INSYQ	N/A

* On June 24, 2019, a Form 25 relating to the delisting and deregistration under Section 12(b) of the Act of the registrant’s common stock was filed by The Nasdaq Stock Market LLC. The registrant’s common stock trades on the OTC Pink Sheets Market.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01Entry into a Material Definitive Agreement

As previously disclosed, on June 10, 2019, Insys Therapeutics, Inc. (the “Company”) and its subsidiaries (collectively, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions,” and the cases commenced thereby, the “Chapter 11 Cases”) for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). Also as previously disclosed, on July 2, 2019, the Bankruptcy Court entered an order that, among other things, established bidding procedures to sell substantially all of the Debtors’ assets in accordance with Section 363 of the Bankruptcy Code.

As previously disclosed, on October 31, 2019, the Company and Benuvia Therapeutics Inc. (then known as Chilion Group Holdings US, Inc.) (“Benuvia”) entered into a Transition Services Agreement (the “Transition Services Agreement”), pursuant to which the Company agreed to make available to Benuvia (or its affiliates or designee(s)) certain employees of the Company and/or its affiliates (the “Employees”) for the purpose of providing certain transition services in consideration for Benuvia’s payment to the Company or its designee(s) of fees at the Company’s cost plus a seven and one-half percent (7.5%) mark-up. The term of the Transition Services Agreement commenced on October 31, 2019 and was to continue through December 31, 2019, unless terminated earlier or extended in accordance with the terms of the Transition Services Agreement.

On December 30, 2019, the Company and Benuvia entered into an Amendment to Transition Services Agreement (the “TSA Amendment”), which amends the Transition Services Agreement to, among other things, extend the term of the Transition Services Agreement to continue through January 31, 2020 and provide that Benuvia will be solely responsible for all costs and expenses associated with the Employees.

The foregoing descriptions of the Transition Services Agreement and the TSA Amendment do not purport to be complete and are subject to, and qualified in their entirety by reference to, respectively, the full text of the Transition Services Agreement filed as Exhibit 2.1 to the Current Report on Form 8-K that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 4, 2019 and the TSA Amendment attached hereto as Exhibit 2.1, both of which are incorporated herein by reference.

Item 7.01Regulation FD Disclosure

AsIn connection with the Chapter 11 Cases, as previously disclosed, on ~~June~~November 1029, 2019, ~~Insys~~the ~~Therapeutics,~~Debtors ~~Inc.~~filed (the ~~“Company”)~~Second ~~and~~Amended ~~its~~Joint ~~subsidiaries~~Chapter ~~(collectively~~11 Plan of Liquidation of Insys Therapeutics, ~~the~~Inc. ~~“Debtors”)~~and ~~filed~~Its ~~voluntary~~Affiliated ~~petitions~~Debtors (the “~~Bankruptcy Petitions,~~Plan”) and the ~~cases~~related ~~commenced~~disclosure ~~thereby,~~statement (the “~~Chapter~~Disclosure ~~11 Cases~~Statement”) ~~for~~with ~~relief~~the ~~under~~Bankruptcy ~~chapter~~Court. The 11Disclosure ofStatement ~~title~~was 11approved ofby the ~~United~~Bankruptcy ~~States~~Court ~~Code~~on ~~(the~~December ~~“Bankruptcy~~4, ~~Code”)~~2019, inand the ~~United~~Plan ~~States~~remains ~~Bankruptcy~~subject ~~Court~~to ~~for~~confirmation ~~the~~by ~~District of Delaware (~~the “Bankruptcy Court”). ~~Also~~ There ascan ~~previously~~be ~~disclosed,~~no onassurance ~~July~~that 2,the ~~2019,~~Debtors’ ~~the~~stakeholders ~~Bankruptcy~~will ~~Court~~accept ~~entered~~the anPlan ~~order~~or that, ~~among~~the ~~other~~Bankruptcy ~~things,~~Court ~~established~~will ~~bidding~~confirm ~~procedures~~the toPlan. Capitalized ~~sell~~terms ~~substantially~~used ~~all~~but ofnot ~~the~~otherwise ~~Debtors’~~defined ~~assets~~ in ~~accordance~~this ~~with~~Current ~~Section~~Report ~~363~~on ofForm 8-K have the ~~Bankruptcy~~meanings ~~Code~~ascribed ~~(“Section~~to ~~363”)~~them in the Plan.

OnThe ~~December~~Plan ~~20,~~will ~~2019,~~become ~~the~~effective ~~Company~~if ~~filed~~the ~~its~~Plan ~~monthly~~receives ~~operating~~the ~~report~~requisite ~~for~~approval ~~the~~from ~~period~~holders ~~beginning~~of ~~October 1~~claims, ~~2019~~the ~~and~~Bankruptcy ~~ending~~Court ~~October~~enters ~~31,~~an ~~2019~~order (confirming the ~~“Monthly~~Plan, ~~Operating~~and ~~Report”) with~~ the ~~Bankruptcy~~conditions ~~Court.~~to ~~The~~the ~~Monthly~~effectiveness ~~Operating~~of ~~Report~~the isPlan, ~~attached hereto~~ as ~~Exhibit~~stated ~~99.1~~therein, ~~and~~are issatisfied ~~incorporated~~or ~~herein~~waived byin ~~reference.~~accordance ~~The~~with ~~information~~the ~~set~~terms ~~forth~~of inthe ~~Item 7~~Plan.01 A ofhearing ~~this~~to ~~Current~~consider ~~Report~~confirmation onof ~~Form 8-K (including~~ the ~~exhibit~~Plan ~~hereto)~~is ~~will~~scheduled ~~not~~to be ~~deemed~~held anbefore ~~admission as to~~ the ~~materiality~~Bankruptcy ofCourt ~~any~~on ~~information~~January ~~required~~16 toand be17, ~~disclosed~~2020 ~~solely~~at by9:00 ~~Regulation~~a.m. FD(Eastern Time).

As contemplated by the Plan, the Company filed a supplement to the Plan (the “Plan Supplement”) with the Bankruptcy Court on December 30, 2019, which includes certain documents related to the Plan and referenced therein, including, among other things, (i) forms of organizational documents of the Company to become effective on the Effective Date, (ii) form of Equity and Asset Transfer Agreement, to be entered into by and among the Debtors and the Insys Liquidation Trust, and (iii) form of Asset Transfer Agreement, to be entered into by and among the Debtors and the Victims Restitution Trust.

The foregoing description of the Plan Supplement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Plan Supplement attached hereto as Exhibit 99.1, which is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information being furnished under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 8.01Other Events

As previously disclosed, on December 2, 2019, the Company entered into an Asset Purchase Agreement (the “Renaissance Purchase Agreement”) with Renaissance Lakewood, LLC, a Delaware limited liability company (“Renaissance”), pursuant to which the Company agreed to sell, transfer and assign to Renaissance, pursuant to Section 363, certain equipment and related records, in consideration for a purchase price of $275,000 in cash payable at the closing of the transaction. On December 16, 2019, the Bankruptcy Court approved an order authorizing the sale contemplated by the Renaissance Purchase Agreement. On December 19, 2019, the Company consummated the transactions contemplated by the Renaissance Purchase Agreement.

Also as previously disclosed, on September 25, 2019, the Company entered into an Asset Purchase Agreement (the “Pharmbio Purchase Agreement”) with Pharmbio Korea, Inc., a company organized under the laws of the Republic of Korea (“Pharmbio”), pursuant to which the Company agreed to sell, transfer and assign to Pharmbio, pursuant to Section 363, specified intellectual property, including patents and rights to the Assigned Marks (as such term is defined in the Pharmbio Purchase Agreement), records and certain other assets related to all strengths, doses and formulations in the Republic of Korea, Japan, China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, and Vietnam of the Company’s Subsys® (fentanyl sublingual spray) product, in consideration for a purchase price of $1,200,000 in cash payable at the closing of the transaction. On October 16, 2019, the Bankruptcy Court approved an order authorizing the sale contemplated by the Pharmbio Purchase Agreement. On December 20, 2019, the Company consummated the transactions contemplated by the Pharmbio Purchase Agreement.

The foregoing descriptions of the Renaissance Purchase Agreement and the Pharmbio Purchase Agreement do not purport to be complete and are subject to, and qualified in their entirety by, respectively, the full text of the Renaissance Purchase Agreement, a copy of which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on December 3, 2019, and the Pharmbio Purchase Agreement, a copy of which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed by the Company with the SEC on September 26, 2019, both of which are incorporated herein by reference.

Cautionary Statements Regarding Trading in the Company’s Securities

The Company cautions that trading in the Company’s securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders of the Company’s securities in the Chapter 11 Cases. It is unlikely that holders of the Company’s common stock will receive any recovery on account of such securities.

Cautionary Statements Regarding Forward-Looking Information

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “intend” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical facts, included in this filing that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which could include the following: risks and uncertainties relating to the Chapter 11 Cases, including but not limited to, the terms of and potential transactions contemplated by the Plan, the Disclosure Statement and the Plan Supplement, the Company’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases, the effects of the Chapter 11 Cases on the Company and on the interests of various constituents, Bankruptcy Court rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases in general, the length of time the Company will operate under the Chapter 11 Cases, risks associated with third-party motions in the Chapter 11 Cases, the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s reorganization; the effects of disruption from the Chapter 11 Cases making it more difficult to maintain business and operational relationships, to retain key executives and to maintain various licenses and approvals necessary for the Company to conduct its business; uncertainty associated with the Company’s ability to complete the sale of its remaining assets as contemplated by the Bankruptcy Petitions; trading price and volatility of the Company’s common stock as well as other risk factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC in addition to those factors, risks and uncertainties described in more detail in the Company’s risk factors set forth in Exhibit 99.1 to the Current Report on Form 8-K filed by the Company with the SEC on August 8, 2019. The Company therefore cautions readers against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

“expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “intend” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical facts, included in this filing that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which could include the following: risks and uncertainties relating to the Chapter 11 Cases, including but not limited to, the terms of and potential transactions contemplated by the Second Amended Plan and the Second Amended Disclosure Statement, the anticipated mailing date of the solicitation materials concerning the Second Amended Plan, the Company’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases, the effects of the Chapter 11 Cases on the Company and on the interests of various constituents, Bankruptcy Court rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases in general, the length of time the Company will operate under the Chapter 11 Cases, risks associated with third-party motions in the Chapter 11 Cases, the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s reorganization; the effects of disruption from the Chapter 11 Cases making it more difficult to maintain business and operational relationships, to retain key executives and to maintain various licenses and approvals necessary for the Company to conduct its business; uncertainty associated with the Company’s ability to complete the sale of its remaining assets as contemplated by the Bankruptcy Petitions; trading price and volatility of the Company’s common stock as well as other risk factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC in addition to those factors, risks and uncertainties described in more detail in the Company’s risk factors set forth in Exhibit 99.1 to the Current Report on Form 8-K filed by the Company with the SEC on August 8, 2019. The Company therefore cautions readers against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information Regarding the Chapter 11 Cases

Bankruptcy Court filings and other information related to the Chapter 11 Cases are or will be available at a website administered by the Company’s noticing and claims agent, Epiq Corporate Restructuring, LLC, at https://dm.epiq11.com/Insys. Information contained on, or that can be accessed through, such website or the Bankruptcy Court’s website is not part of this Current Report.

Item 9.0101Financial ~~Financial~~ Statements and Exhibits

(d) Exhibits.

Exhibit No.		Description
99.1		Monthly Operating Report, for the period covering October 1, 2019 through October 31, 2019, filed with the United States Bankruptcy Court for the District of Delaware
2.1 99.1		Amendment to Transition Services Agreement, dated as of December 30, 2019, by and between Benuvia Therapeutics Inc. and Insys Therapeutics, Inc. Plan Supplement Pursuant to the Second Amended Joint Chapter 11 Plan of Liquidation of Insys Therapeutics, Inc. and Its Affiliated Debtors, dated December 30, 2019, filed with the United States Bankruptcy Court for the District of Delaware

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 26, 2019Insys Therapeutics, Inc.

By: /s/ Andrece Housley

Name: Andrece Housley

Title: Chief Financial Officer

Date: January 3, 2020

Insys Therapeutics, Inc.

/s/ Andrece Housley

Name: Andrece Housley

Title: Chief Financial Officer

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