Elite Pharmaceuticals, Inc. Reports Results for Third Quarter of Fiscal Year 2017

NORTHVALE, N.J., Feb. 09, 2017 (GLOBE NEWSWIRE) — Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) (OTCBB:ELTP), announced results for the quarter ended December 31, 2016, the third quarter of its 2017 fiscal year.Consolidated revenues for the third quarter of Fiscal 2017 were $2.3 million, a 6% increase on a year-on-year basis. Continued growth of Elite’s niche generic product lines drove the revenue increase. In addition, Elite’s product development activities continued, with $1.5 million being spent on the development of Elite’s pipeline of products during the quarter.“This was an important quarter for Elite’s pipeline,” commented Nasrat Hakim, President and CEO of Elite.  “We had a positive meeting with the FDA on SequestOx™ that provides Elite a path to resubmission of the NDA.  We followed the filing of a Percocet generic the previous quarter with a filing of a Norco generic this quarter.  We have made tremendous progress on the SunGen co-development products and are on track to file two of these products in about 12 months from now.  We also had a solid quarter for our financials.”About Elite’s Abuse Deterrent Technology
Elite’s proprietary abuse deterrent technology, ART™, is a multi-particulate capsule which contains an opioid agonist in addition to naltrexone, an opioid antagonist used primarily in the management of alcohol dependence and opioid dependence. When this product is taken as intended, the naltrexone is designed to pass through the body unreleased while the opioid agonist releases as intended providing therapeutic pain relief for which it is prescribed.  If the multi-particulate beads are crushed or dissolved, the opioid antagonist is designed to release and so block the effects of active opioid agonist. The absorption of the naltrexone is intended to block the euphoria by preferentially binding to the same receptors in the brain as the opioid agonist and thereby reducing the incentive for abuse or misuse by recreational drug abusers. Elite’s pharmacological approach to abuse-deterrence can be applied to a wide range of opioids used today in pain management.