Elite Pharmaceuticals, Inc. Reports Strong Growth for Third Quarter of Fiscal Year 2016
Conference Call Scheduled for Wednesday, February 10th at 11:30 AM EST
NORTHVALE, N.J., Feb. 09, 2016 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the “Company") (OTCBB:ELTP), announced results for the quarter ended December 31, 2015, the third quarter of its 2016 fiscal year.
Consolidated revenues for the third quarter of Fiscal 2016 were $2.2 million, a 61% increase on a year-on-year basis. The increase in revenues is due to the continued growth of Elite’s niche generic product lines. During the quarter, Elite invested an additional $3.2 million in the development of SequestOx™ (ELI-200), immediate release Oxycodone with sequestered Naltrexone, the first product in Elite’s line of abuse-deterrent opioids. The successful development of SequestOx™ has culminated in the January 2016 FDA submission of a 505(b)(2) New Drug Application (“NDA”) for 5mg, 10mg, 15mg, 20mg and 30mg abuse deterrent dosage strengths for the treatment of moderate to severe pain.
“It was a special quarter for Elite. We successfully completed the studies for Elite’s first abuse deterrent opioid SequestOx™ and in January we submitted our first NDA,” commented Nasrat Hakim, President and CEO of Elite. “We now await confirmation from the FDA of acceptance for review of our SequestOx™ submission."
About Elite’s Abuse Deterrent Technology
Conference Call Information
The financial statements can be viewed in Elite’s Third Quarter Report on Form 10-Q here.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Including those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release, readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, its ability to obtain FDA approval of the transfers of the ANDAs or the timing of such approval process, delays, uncertainties, inability to obtain necessary ingredients and other factors not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements. These risks and other factors, including, without limitation, the Company’s ability to obtain sufficient funding under the LPC Agreement or from other sources, the timing or results of pending and future clinical trials, regulatory reviews and approvals by the Food and Drug Administration and other regulatory authorities, intellectual property protections and defenses, and the Company’s ability to operate as a going concern, are discussed in Elite's filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q and 8-K. Elite undertakes no obligation to update any forward-looking statements.
Contact: For Elite Pharmaceuticals, Inc. Dianne Will, Investor Relations, 518-398-6222 Dianne@elitepharma.com www.elitepharma.com