Call Scheduled for Monday, August 12th at 10:00 AM EDT
Northvale, NJ – August 9, 2019: 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 first
quarter of fiscal year 2020 ended June 30, 2019 (“First Quarter”).
Consolidated revenues for the
First Quarter were $3.4 million, an increase of approximately 55% as compared
to revenues for the comparable quarter of the prior fiscal year. The increase in revenues was largely attributed
to revenues from the two products launched during the First Quarter, generic
immediate release Adderall® and Dantrolene Capsules as well as continued
growth in sales of Naltrexone tablets.
Conference Call Information
Elite's management will host a conference call to discuss
the first quarter financial results for fiscal year 2020 ended June 30th
and provide an update on recent business developments. Stockholder
questions should be submitted to the company in advance of the call.
The financial statements can be viewed
for Elite’s Fiscal Year 2020 First Quarter Report on Form 10-Q here.
About Elite Pharmaceuticals, Inc.
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, Glenmark Pharmaceuticals, Inc., USA., and Lannett Company, Inc.
Elite currently has twelve approved generic products, four generic products filed with the FDA, one
approved generic products pending manufacturing site transfer, and an NDA filed 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
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.
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations,