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Insys Therapeutics sales practices being probed

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December 12, 2013 07:29 PM EST | AP


PHOENIX (AP) — Shares of Insys Therapeutics Inc. slid in after-hours trading Thursday after the pharmaceutical company said its sales and marketing practices are under investigation.

The Phoenix company said it has received a subpoena from the Office of Inspector General of the Department of Health and Human Services. It said it is cooperating with the investigation.

The subpoena is related to the sales and marketing for Subsys, one of its Insys Therapeutics' two marketed products.

Subsys, a sublingual spray to treat pain in opioid-tolerate cancer patients, posted third-quarter sales of $28.4 million, up 53 percent from the second quarter and 1000 percent from a year earlier.

Insys shares have soared in the year to date, rising more than fivefold and closing regular trading at $45.11. The stock slid 22 percent in after-market trading to $35.