Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year Ended March 31, 2018 and Provides Conference Call Information
Conference Call Scheduled for Friday, June 15 at 1:00 PM EDT
NORTHVALE, N.J., June 14, 2018 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP), a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products, announced results for the fiscal year ended March 31, 2018 ("Fiscal 2018").
Consolidated revenues for Fiscal 2018 were $7.5 million, a decrease of approximately 23% as compared to revenues for the prior year. The decrease in revenues was attributed in large part to lower revenues relating to generic methadone and naltrexone manufacturing. Research and development activities have continued to increase, with the Company investing $9.6 million in product development, an increase of 16% as compared to research and development costs in the prior year. Significant milestones achieved during Fiscal 2018 and through today include the filing of 4 ANDA applications and the establishment of strategic marketing alliances with Dr. Reddy's Laboratories and Glenmark Pharmaceuticals Inc. USA. The Company currently has six ANDAs filed with and being reviewed by the FDA.
Conference Call Information
Elite's management will host a conference call to discuss the year end 2017 financial results and provide an update on recent business developments. Stockholder questions should be summited to the company in advance of the call.
The financial statements can be viewed for Elite's Fiscal Year-end Report on Form 10-K here.
About Elite Pharmaceuticals, Inc. Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which is developing a pipeline of proprietary pharmacological abuse-deterrent opioid products as well as niche generic products. Elite specializes in oral sustained and controlled release drug products which have high barriers to entry. Elite owns generic products which have been licensed to TAGI Pharma, Epic Pharma, Dr. Reddy's Laboratories, and Glenmark Pharmaceuticals, Inc., USA. Elite currently has eight commercial products being sold, six products filed with the FDA, additional approved products pending manufacturing site transfer and the NDA filing for SequestOx™. Elite's pipeline products include abuse-deterrent opioids which utilize the Company's patented proprietary technology and a once-daily opioid. These products include sustained release oral formulations of opioids for the treatment of chronic pain. These formulations are intended to address two major limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential opioid abuse. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. Learn more at www.elitepharma.com.
This press 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, Elite's 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 forward-looking statements may include statements regarding the expected timing of approval, if at all, of SequestOx™ by the FDA, and the actions the FDA require of Elite in order to obtain approval of the NDA. These forward-looking statements are not guarantees of future action or performance. These risks and other factors, including, without limitation, Elite'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 and intellectual property protections and defenses, 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 is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.