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Million shares in 25 minutes....yikes!
Regarding the Proxy...
I'm voting "For", especially for the move to Nevada.
Elite is still a small company. They hold about $1,800,000 in cash. Giving up 10% of their cash to the state of Delaware is like throwing money out the window. I'd rather see them spend that on paying down debt or on R&D.
It's important that everybody that holds shares vote. You don't have to wait for the meeting. You should all have your proxies from your brokers by now.
Without a quorum (50% +1) they can't save that money.
Read. Please make an effort.
I see "coming soon" under the image header...I think that means they will display an image of the drug on the page eventually.
Note from Dianne, appears 135 Ludlow is not "up and running" yet.
The Lodrane product is currently being manufactured at 165 Ludlow.
We have the capacity at this location so there would no reason to push manufacturing to the other location at this time.The plan for 135 Ludlow has always been to build this location out in phases. The first phase was for the storage of equipment that was not in use in the manufacturing suites at 165 Ludlow when we gave up the offsite storage location at 80 Oak.The second phase will be the addition of the packaging lines.I don’t expect manufacturing to take place at this location until the time we don’t have the capacity at 165 Ludlow.
ECR does intend to pursue formal FDA approval for Lodrane 24 and Lodrane 24D. I do not know the status of the lawsuit with the FDA.
Best regards,Dianne.
If any of this knew that we wouldn't be spending our day posting on iHub!
But to be honest...if Lodrane 24 comes back, Naltrexone, Methadone, Hydromorphone all get announced before years end we could see .50 by then. Very possible.
To get to a buck I think we need patent approval or Euro partner announced. That could be anytime as well.
I'm sure others will chime in.
Rob
Someday. Could be a while.
Talk about silver lining!
And to think I was "that" close to picking up .075's yesterday....oh well.
Can you read?
Flippers getting out?
Watching the ticker is making me dizzy!
.06 on March 3rd. After announcemnet on March 4th it dropped to .04 on heavy volume.
http://www.globenewswire.com/newsroom/news.html?d=215422
Lodrane 24 hr was bringing about $600,000/quarter to Elite.
This is a very big market obviously @ 3.5 billion.
Even if the Lodrane D(R) brings half what Lodrane 24 did that's enough, combined with Phentermine, to keep them afloat.
Usually the first order is significant so as to build up inventory, stock the shelves.
They got it already, $145,000
I'm waiting for the Triple Lindy!
Took her less than 3 hours to reply.
From Dianne:
..........................
Obviously from the previous press releases one could assume that there should be news coming down the pipe.
I am afraid that when the news does start flowing it will seem like “feast or famine”.
There is a lot going on – just don’t know the timing of things – nor can the company control the timing.
The good news about the methadone products is the fact that it was developed in house so there is not a change in the manufacturing which requires a lot of work and then approval by the FDA. However, since the time that the manufacturing agreement was signed, Elite then had to apply and receive approval to obtain the active ingredients to make the methadone as these are controlled substances.
The manufacturing of pharmaceutical products is very different from the manufacturing of widgets. There is a lot of red tape with outside agencies that are involved which is why it is very difficult to predict the timing of different events.
There is a lot of work going on behind the scenes which will result in news flow.
Have you received your proxy card?
I strongly encourage you to take the time to vote. It is imperative that we obtain a quorum Proposal 3. The hurdle for this proposal is even higher than normal as the item is considered "non-routine" which does not receive the benefit of discretionary or proportionate votes. Voter returns for companies with a large retail base is historically low, which makes it even more important for you to vote your shares.
The move to NV is critical to the company at this point and time. Elite is doing everything in its power to conserve cash in order to create shareholder value. Being a corporation registered in Delaware requires the company pay exorbitant fees to the State of Delaware. Therefore, the most important issue for the company at the moment is to get the votes in to allow the company to incorporate in Nevada. The purpose of this proposal is simply a cost savings. There has been a recent trend for smaller companies, like Elite, to incorporate in Nevada because of the lower costs. The franchise tax in Delaware last year was approximately $70,000 and we are expecting this to increase to $180,000 for 2011. In comparison, Nevada’s franchise tax would be approximately $475. We do not expect for Elite to operate any differently in Nevada, but clearly there is a substantial cost savings for Elite from this move.
Elite cannot afford to pay to pay this amount of tax to the state of Delaware. We need to keep this money in-house so it can be used to create shareholder value.
Please be sure to vote your proxy - even if it is only for proposal 3.
If you know anyone else who owns ELTP, please encourage them to vote their proxy as well.
If you have any questions, please let me know.
Best regards,
Dianne.
Dianne Will
Investor Relations for Elite Pharmaceuticals
phone: (518) 398-6222
dianne@elitepharma.com
The date moved....thats from the "draft" proxy
http://www.elitepharma.com/annual_meeting.asp
Dear Valued Customer,
You elected to receive shareholder communications and submit voting instructions via
the Internet. This e-mail contains information specific to your holding in the securities
identified below.
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting
2011 ELITE PHARMACEUTICALS, INC. is holding an Annual Meeting of Stockholders as follows:
MEETING DATE: October 18, 2011
For Holders as of: August 25, 2011
What started?
There was support at 10's, 9's and 8's too....
Trying my patience!
Amen...They said that Methadone was coming "very soon" during the CC.
Can't come soon enough!
OK I see it's an out of sequence trade....look at "Trades" on iHub
Weird stuff going on....342,000 @ .0001?
SEQ trade?
They put in a market order?
WTF was that? .06?
I know, just keeping it light!
Should my first act as assistant mod be to delete this post?
Midsummer sued for breach of contract. They felt they were entitled to compensation for being diluted as a result of the Strategic alliance Agreement with Epic.
They wanted $7,455,363.00 and 1,000,000 common shares and a declaration that all future conversions of their Series D Preferred Stock, is at a conversion price of $0.05, attorneys' fees, interest and costs.
They must have thought their preferred shares were worth quite a lot to expect such compensation for their dilution.
The parties negotiated and settled.
Midsummer got the conversion price changed as they wanted but to .07, not to .05 from .20. But they also had the planned dividend increase from 8 to 15% eliminated. Also Elite was now able to pay the dividend in more preferred stock as opposed to only in common stock or cash.
Then Elite negotiated an automatic conversion of the preferred to common over a gradual period of time so as to in effect get Midsummer out of their hair without tanking the stock with a single huge sell off.
Epic also had their conversion priced reduced and Epic was expressly excluded from a “Change of Control Transaction” due to the acquisition in excess of 40% of the Company’s voting securities. In other words Epic was blocked from taking over control of Elite.
Elite agreed to increase the authorized shares to 760,000,000.
If it were true that "Baiscally Midsummer went from owning "8,661,136" to owning "0" as they unchackled themselves from owning shares in this debt ridden death spiral. " then why did Midsummer sue to RECEIVE 1,000,000 shares of common stock?
Thoughts all?
Patent # 10/951,978 - Extended release formulations of opioids and method of use thereof.
09-14-2011 - Information Disclosure Statement (IDS) Filed
What is this all about?
Opinions?
Very quick execution....people will sell but at a price..flippers?
Slapped the ask as it were at .086 for 15,000...let see
Ask ain't budging...bid is creeping up it seems?
2 hours from Bordentown probably......way up into northeastern corner of NJ
I'm seriously considering it. Could be highly educational! I'm in NJ and live 30 minutes away from Northvale. Just that I'd have to burn a day off!