Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Elite paid Mikah $1.2M

Elite paid Mikah $1.2M for trimipramine, a 60-year-old tricyclic anti-depressant with annual sales ~$2M. Like all TCA's, trimipramine is on the Beer's List due to anticholinergic effects. I hadn't heard of it since medical school, and I've certainly never prescribed it. I can't imagine any circumstance in which I, as a PCP and board-certified internist, would ever write for a single dose of trimipramine for anyone. On the other hand, over the course of my career, I've written literally 1000's of prescriptions for IR generic opioids. They are a mainstay of modern medical treatment. So how'd we do?

https://seekingalpha.com/filing/5066443

Oxycodone and Acetaminophen 5mg/325mg, 7.5mg/325mg, 10mg/325mg tablets

The Approved ANDA for Oxycodone and Acetaminophen 5mg/325mg, 7.5mg/325mg and 10mg/325mg tablets was sold to Nostrum for cash consideration totaling $300,000 in November 2019.


Hydrocodone and Acetaminophen 2.5mg/325mg, 5mg/325mg, 7.5mg/325mg, 10mg/325mg tablets

The Approved ANDA for Hydrocodone and Acetaminophen 2.5mg/325mg, 5mg/325mg, 7.5mg/325mg and 10mg/325mg tablets was sold to Nostrum for cash consideration totaling $300,000 in November 2019.


Hydromorphone 8mg tablets

The Approved ANDA for Hydromorphone 8mg tablets was sold to Nostrum for cash consideration totaling $300,000 in December 2019.


Methadone 5mg and 10mg tablets

The Approved ANDA for Methadone 5mg and 10mg tablets was sold to Nostrum Laboratories Inc. (“Nostrum”) for cash consideration totaling $300,000 in February 2020.

Huh. Elite paid Mikah $1.2M for #1 drug with two million dollar sales, and Nostrum paid Elite $1.2M for #4 IR opioids with annual sales worth hundreds of millions of dollars. It begs the question: is there a business relationship between Nostrum and Mikah? What about with Epic Investments?


This is an example of how Nasrat does himself and shareholders a disservice by withholding information that could easily overcome the APPEARANCE OF IMPROPRIETY. It is time to demand better from Elite management.