Elite Pharmaceuticals Inc (ELTP)

[Aqua]

Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year Ended March 31, 2017 and Provides Conference Call Information

Conference Call Scheduled for Thursday, June 15 at 2:00 PM EDT
NORTHVALE, N.J., June 14, 2017 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP), a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products, announced results for the fiscal year ended March 31, 2017 ("Fiscal 2017").

Consolidated revenues for Fiscal 2017 were $9.6 million, a decrease of approximately 23% as compared to revenues for the prior year. The prior year's revenues including a non-recurring $2.5 million milestone related to the development of SequestOx™ offset strong growth in Elite's generic sales. A decrease in methadone contract manufacturing also contributed to a decrease in revenues. Product development activities continued to accelerate during Fiscal 2017, which resulted in the achievement of several significant milestones. These milestones included filing ANDA applications for generic versions of Percocet and Norco, receiving positive topline results for the first product Elite is jointly developing with SunGen Pharma, and acquiring an ANDA for generic Trimipramine, which will be marketed by Dr. Reddy's Laboratories.

"It was a good year for Elite. We now have three filed ANDAs under active review by the FDA and have recently purchased an already approved ANDA," commented Nasrat Hakim, Elite's President and CEO. "We look forward to approvals, product launches and the growth which they will generate. We are excited about the next fiscal year as Elite continues to fill its pipeline with additional ANDA filings and approvals."
Conference Call Information
Elite's management will host a conference call to discuss the year end 2017 financial results and provide an update on recent business developments. Stockholder questions should be summited to the company in advance of the call.

Date: Thursday, June 15, 2017
Time: 2:00 PM EDT
Dial-in numbers: 1-800-346-7359 (domestic)
1-973-528-0008 (international)
Conference number: 98840
Questions: [e-mail] by 9:00 AM EDT on Thursday, June 15, 2017
Audio Replay: http://ir.elitepharma.com/events_presentations
The financial statements can be viewed for Elite's Fiscal Year-end Report on Form 10-K here.

Cheers!