Elite to Receive Payments from Canadian Sales Northvale, New Jersey, Tuesday, December 20, 2005: Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) (AMEX: ELI) announced today that it had entered into an amendment with its partner, IntelliPharmaCeutics Corp., under the Product Development and Commercialization Agreement, dated as of June 21, 2005. In accordance with the amendment, IntelliPharmaCeutics and ratiopharm, inc., a Canadian company with marketing and distribution capabilities in Canada, will develop and commercialize the product for Canada. Elite and IntelliPharmaCeutics will share their proceeds of commercialization in Canada on the same terms as in the June 21, 2005 Agreement.
Additionally, the obligations of Elite and IntelliPharmaCeutics with respect to the development, manufacturing and commercialization of the generic controlled release drug product in the United States and Mexico will continue.
“We are very pleased that IntelliPharmaCeutics and ratiopharm will develop this product for the Canadian market. We continue to progress with the development of a generic controlled release drug product in partnership with IntelliPharmaCeutics for the United States and Mexico,“ stated Bernard Berk, chairman and chief executive officer of Elite.
About Elite Pharmaceuticals
Elite Pharmaceuticals is a specialty pharmaceutical company principally engaged in the development of oral, controlled release products. The Company's strategy includes developing generic versions of controlled release drug products with high barriers to entry and assisting partner companies in the life cycle management of products to improve off-patent drug products. Elite's technology is applicable to develop delayed, sustained or targeted release capsules or tablets. Elite has one product currently being sold commercially and a pipeline of seven drug products under development in the therapeutic areas that include pain management, allergy, cardiovascular and infection. The addressable market for Elite's current pipeline of products exceeds $6 billion. Elite also has a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
Contacts: Elite Pharmaceuticals, Inc. Dianne Will Phone: 518-398-6222 dwill@willstar.net www.elitepharma.com
This news release contains forward-looking statements, including those related to the preliminary nature of the clinical program results and the potential for further product development, that involve known and unknown risks, delays, uncertainties and other factors not under the control of Elite or Pliva, which may cause actual results, performance or achievements of the companies to be materially different from the results, performance or other expectations implied by these forward-looking statements. In particular, because substantial future testing will be required prior to approval, the results described above may not be supported by additional data or by the results of subsequent trials. These risks and other factors, including the timing or results of pending and future clinical trials, regulatory reviews and approvals by the Food and Drug Administration and other regulatory authorities, and intellectual property protections and defenses, are discussed in the Elite’s filings with the Securities and Exchange Commission such as the 10K, 10Q and 8K reports. The companies undertake no obligation to update any forward-looking statements. |