PHOENIX, Ariz. (WIVB) — A prominent UB alumnus, who was recently accused of having a part in an opioid scheme, has stepped down from the board of a company he started.
John Kapoor, 74, is the former CEO of INSYS Therapeutics, and now, a former member of the Board of Directors.
Kapoor announced that he was stepping down from the board on Sunday. Here is his resignation letter:
Dear INSYS Board Members:
I have decided to step down from my seat on the Board of Directors of INSYS Therapeutics, effective immediately.
I am confident that I have committed no crimes and believe I will be fully vindicated after trial. Nevertheless, I realize that my continued involvement with INSYS will only serve to draw unnecessary attention to the company and its employees, and distract the management team from my primary goal when I founded INSYS—helping patients. Throughout my career in the pharmaceutical industry, which has spanned almost a half century, my focus has always been innovation, creating jobs and advancing patient care.
As part of this process of stepping down, I plan to put my shares in a trust to be controlled independently and continue to have a long-term commitment to the company as a stockholder. I am hopeful that my voluntary resignation will ensure that INSYS remains an industry leader in the development of novel therapies to improve patient lives and will allow the company, its employees, shareholders, customers, and patients to benefit from all that INSYS has to offer, now and in the future.
John N. Kapoor, Ph.D.
The University at Buffalo’s School of Pharmacy and Pharmaceutical Sciences bear’s Kapoor name. He and his wife have been longtime donors to the school.
The billionaire was taken into custody on Thursday. Officials accused him of scheming to get doctors to prescribe a powerful opioid to people who do not actually need it.
He faces racketeering, fraud and conspiracy charges.