Elite Pharmaceuticals Inc (ELTP)

[Aqua]

Elite Pharmaceuticals, Inc. Reports Strong Growth for Second Quarter of Fiscal Year 2016
Webcast and Conference Call Scheduled for Tuesday, November 10th at 11:00 AM EST
Elite Pharmaceuticals, Inc.
5 minutes ago
GlobeNewswire

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NORTHVALE, N.J., Nov. 09, 2015 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the “Company") (ELTP), announced results for the quarter ended September 30, 2015, the second quarter of its 2016 fiscal year.

Consolidated revenues for the second quarter of Fiscal 2016 were $2.7 million, a 115% increase on a year-on-year basis. The increase in revenues is due to the continued growth of Elite’s niche generic product lines. During the quarter, Elite invested an additional $4.2 million in the development of ELI-200, the first product in Elite’s line of abuse-deterrent opioids.

In October, Elite announced positive top-line results from the Phase 3 pivotal trial of its lead abuse-deterrent opioid, ELI-200, for the treatment of moderate to severe pain. The Company is on schedule to file a New Drug Application with the U.S. Food and Drug Administration later this year. Elite will provide an update of development activities during the conference call.

“Another outstanding quarter. Our generic products set another revenue record, and we successfully completed Phase 3 trials for ELI-200,” commented Nasrat Hakim, President and CEO of Elite. “Elite has never been stronger as we steadily move towards the filing of ELI-200 this year, the expected launch next year and the continued development of a range of abuse deterrent opioids.”