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This is precisely why many companies have share buyback programs - to keep outstanding shares within a definitive range. This removes the dilutive impact from options exercised, grants, etc. which is used as a roundabout way for excessive pay to C-suite these days.
I did long ago as well and backtracked into this post.
I don’t think the 49M shares issued to Nasrat will be at risk of being sold in the market anytime soon. That would create too much flight risk for investors.
This S8 is just cleaning up old liabilities and I expect Nasrat will hold these shares until company is acquired, similar to what he’s been doing all these years, patiently holding.
Why? Elite isn’t using them for their M&A expertise as of now. That may be expected a couple years down the road, but definitely not today or anytime soon.
Been a long slog with no FDA approval news or positive momentum so far this year as we wait until 10K and YE filing at end of June. This news certainly won’t help that cause.
There was no PR, at least not yet. There were only SEC filings. The magnitude of what continued to be owed to CEO has always been unclear. A $500K salary for a tiny unprofitable company for years was a huge ball and chain. Now we see the dilutive impact of that decision.
It’s the expected cleanup as Carter mentioned that would be done prior to the end of the fiscal year. Here we are, last business day, of the fiscal year doing just that.
New SEC filing:
www.sec.gov/Archives/edgar/data/1053369/000149315224011735/forms-8.htm
Yes, Prasco is buying from Elite. No, Prasco’s Adderall XR is no longer an authorized generic since 1/1 when being sourced from Elite.
Website is incorrect. Elite cannot be auth generic.
First, I thought Adderall ER & XR are the same product, just different name.
There’s Adderall IR and Adderall XR or ER.
What Elite sells through Prasco isn’t an authorized generic.
Why June 15th? They have 90 days to file after Y/E. I don’t think accelerated filing status takes place until this fiscal year due to higher market cap. I think filing will be same timing as last year, end of June.
I think there’s too much going on to revive SequestOx now. In fact, if anything, I think we partnered with a larger company prior to buyout or nothing at all and just sell it along with other R&D pipeline, but to larger company that can move it forward.
All good things to come. Hopefully the last two paltry drugs get approval soon. Eager to hear about the next CNS BE.
Because you can get the R&D pipeline moving on them beforehand, you just can’t launch commercially. When a company is sold the pipeline is very much part of the valuation equation & negotiation.
3rd needle mover submitted in Sep? I must have missed that on last call. We’re still waiting for any positive BE results prior to any submissions this year.
SEC Operational Status
Due to the ongoing federal government shutdown, the SEC is currently operating in accordance with?the agency's plan?for operating during a shutdown. Effective Monday, Mar. 25, and until further notice, the agency will have a very limited number of staff members available. ?The SEC has staff available to respond to emergency situations involving market integrity and investor protection, including law enforcement. In addition, our plan calls for the continuing operation of certain Commission systems, including EDGAR. We plan to post any changes in operational status on this page.?Additional information is available from the?Division of Corporation Finance?and?the?Division of Investment Management.
That’s a little different. Was it a negative review?
I’m sure they know full well about the shortage. I believe FDA is in contact with mfrs to help alleviate shortages as they occur.
lol
Just don’t want to shrink 4 feet and turn orange.
I actually thought this was an affirmative response to Rocioyogi’s comment about his first wife.
Transition to new facility will be starting next month and wrap up mid-year. Looking forward to the next call. Expecting a PR or 2 before then. Going to be an exciting year to watch things unfold.
We now have a driver on the pumping bandwagon. A couple of days away. Might be helpful to have some realism to start building a little credibility.
Been a very low volume week in general. Spring vacations kicking in?
Hahahahahaha
Still need to see positive BE results for next CNS drug prior to a submission. Hoping that’s 1H of the year.
Last cc was a momentum killer.
No, actually you didn’t see any inquiries here spammer.
Hahahaha, I figured. Trust, but verify.
Did you mean Wonka or Wanker? Lol
Interesting thought and that transition makes sense assuming there is no change to provider front and can stay up and running for patient script changes, renewals, etc.
There’s no end in sight right now. Such a debacle. This should impact Elite for Q4 results, but by how much is the question.
If you’re not following Change Heathcare situation, you should be. The situation is bringing my current client to its knees.
https://nymag.com/intelligencer/article/corporate-greed-made-the-change-healthcare-cyberattack-worse.html
I agree with your commentary. Although I think it’s unlikely his connections will be the factor in the buyout. They rarely ever are unless you are a mom & pop. The route we go is that we’ll likely select an investment banking team that will go to market for potential buyers that are eventually narrowed down. It can be a long and arduous due diligence process. Going through that exact process now for a current client of ~$500M top line (hoping that is level that Elite will reach upon sale if needlemovers get approved and launched). We could also be bought out from someone on sidelines, bought by PE, etc. I’m just not counting on his connections to seal the deal here.
I’m honored
Nice quote lol
“I expect that we file at least two more in 2024 and hopefully get approval for four.”
So at least 2 more ANDAs with one being among Nasrat’s needle mover list. His time lines are frequently aggressive, but good to hear pipeline continues to progress.
“Other than what we have in the market, which is three and one, the total of four that are pending for FDA, we have one more product that we did a pilot study for, that's another needle mover. And the pilots certainly give us guidance on what to do. And I expect that we're going to run the DV study in 2024 and hopefully file that product then.”
If Elite planned on having a 2024 filing for their final needle mover, I’d expect BE to be completed and PR’d May-July time frame, if it passes.
Not necessarily in this case. Elite became a show-me stock. It’s had some great positive momentum, but last Q’s results were good, but not great when compared to the expectations set from prior Q call. Momentum has been lost. The company will need positive news to change the trajectory.
Have you seen those inventory levels?! They are terrible! They keep getting larger along with revenues! I’m sure all of that inventory is for isradipine. ;)
Terribly frustrating for patients and providers. Hoping Elite can get approval and launch late 2024/early 2025. Just another approval without DEA fix will simply add Elite to unavailable list.