"Revenues were $2.3 million for the quarter and $8.3 million for the nine months ended December 31, 2016. That's a 6% increase for the quarter as compared to last year and a 13% increase for the year-to-date as compared to last year.
As of December 31, 2016 we had cash on hand of $13.3 million and working capital of $15.9 million. Both of these are up since the beginning of our fiscal year cash is up by $1.8 million, working capital is up by $3.8 million.
Elite continues to meet my goal of one and the each quarter. This quarter we filed Hydro-APAP, last quarter was Oxy-APAP. The biggest abused deterrent product on the market now is oxycodone and we successfully completed both Fed and Fed BE studies for a generic version of oxycodone.
The expansion of the facility is now complete. We do continue to add equipment to supplement our capacity. We made another key addition to our management team with hiring of Dr. Catherine Hedrick. She is an MD and will oversee our Medical Affairs and Regulatory Affairs Department.
Our objective is to be profitable enough to also cover our R&D spending. Our pipeline is moving us to that point.
Elite has been filing one ANDA per quarter, Elite filed oxycodone APAP last quarter as a generic to Percocet.
Elite also filed hydrocodone APAP this year or this quarter. It has a very high market value of $1 billion, the IMS data is about a $1 billion for Hydro-APAP.
We have made the great progress on the generic front on oxycodone. Oxycodone is a $2.5 billion market. We announced recently that we completed a successful first and third BE studies for a generic oxycodone. This is an extremely important step in the development. We will complete other steps including category 1 testing and stability and we expect to file this year.
Elite expect to develop a generic for TROXYCA as soon as Pfizer launches the product. "
eltp
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