Elite Pharmaceuticals Inc (ELTP)

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Elite Pharmaceuticals, Inc. Reports Financial Results for the Second Quarter of Fiscal Year 2015

GLOBENEWSWIRE 6:24 PM ET 11/18/2014

Conference Call Scheduled for Wednesday, November 19 at 11:00 AM EST

NORTHVALE, N.J., Nov. 18, 2014 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc.(ELTP) ("Elite" or the "Company") , a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products, announced results for the second quarter of fiscal year 2015 ended September 30, 2014.

Consolidated revenues were $1.3 million for the quarter, an increase of approximately 8% over consolidated revenues for the comparable quarter of the prior year. Quarterly revenues also increased by 8% when compared to the prior quarter. Revenues for the six months ended September 30, 2014 were $2.4 million, an increase of 29% over revenues for the comparable period of the prior year. The increase in revenues is due to the continued growth and expansion of Elite's generic product lines.

Development of our abuse-deterrent opioid technology continues to be Elite's top priority. During the quarter, Elite invested an additional $3.6 million in clinical trials and other product development activities. During the first six months of our fiscal year, we have invested a total of $7.5 million in product development including successful completion of the human abuse liability study for ELI-200 and other development activities related to ELI-200 as well as Elite's other abuse-deterrent opioid products. Elite will provide an update on development activities during the conference call.

During the quarter, Elite also retired the NJEDA Series B 9% bonds and became current with all NJEDA Series A bonds monetary obligations.

Nasrat Hakim, CEO of Elite commented, "This has been another positive quarter for Elite. Our generic products continue to grow and we expect to launch additional generic products later this fiscal year. These generic products continue to be an important piece of Elite's growth strategy. We, of course, also continue to diligently pursue development of our abuse-deterrent products, and we have an FDA meeting regarding ELI-200 on November 17th. I look forward to providing an update on this meeting for you during our conference call on the 19th. ELI-200 is expected to be the first abuse-deterrent product filed with the FDA by Elite."

The Company will host a conference call to discuss the results of operations and provide an update on recent business developments on Wednesday, November 19, 2014 at 11:00 AM EST. Company executives will conduct a question and answer session following their remarks.

To access the conference call:

Domestic callers: [phone]
International callers: [phone]
Conference Entry Code: 98840

A digital telephone replay will be available approximately one hour after the conclusion of the call for two weeks until December 3, 2014 by dialing:

Domestic callers: [phone]
International callers: [phone]
Conference entry code: 98840

The financial statements can be viewed in Elite's Quarterly Report on Form 10-Q at: http://www.elitepharma.com/sec_filings.asp.