Elite Pharmaceuticals Inc (ELTP)

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The Buzz on Elite Pharmaceuticals Inc (OTCBB:ELTP)

BY BOE RIMES ON JULY 5, 2020





Elite Pharmaceuticals Inc (OTCBB:ELTP) continues to be among the most talked about and active stocks in small caps in recent months. ELTP has long been one of the top most traded stocks on the entire OTC boasting a massive following and legions of shareholders. The stock used to trade as high as $22 a share on the AMEX but was de-listed to the OTCBB in 2009 where it sat dormant for several years. As everyone knows; ex big board stocks that hit the OTC tend to make highly explosive moves which is exactly what ELTP did last year running from $0.10 to highs near $1 a share.

There is a lot going on at ELTP; several days ago Elite’s management held a conference call and by all accounts CEO Nasrat Hakim handled it like a pro; first quarter 2020 revenues are $7 million in spite of Covid with Walgreens now accounting for around 15% of the total market. Several days before this ELTP announced consolidated revenues for fiscal 2020 were $18.0 million, an increase of $10.4 million or approximately 137% from the comparable period of the prior fiscal year.

Elite Pharmaceuticals Inc (OTCBB:ELTP) is a specialty pharmaceutical company which is developing a pipeline of niche generic products. Elite specializes in oral sustained and controlled release drug products which have high barriers to entry. Elite owns generic products which have been licensed to TAGI Pharma, Glenmark Pharmaceuticals, Inc., USA., and Lannett Company, Inc. Elite currently has eleven approved generic products, three generic products filed with the FDA, one approved generic products pending manufacturing site transfer, and an NDA filed for SequestOx™. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.

Elite’s principle product is SequestOx™, an immediate-release oxycodone with sequestered naltrexone abuse-deterrent opioid product for the management of moderate to severe acute pain. Additional products include bariatric, cardiovascular, antihistamine, skeletal muscle relaxants, antipsychotic, tricyclic antidepressant, along with a number of approved products pending manufacturing site transfer. Elite’s lead pipeline products include abuse-deterrent opioids which utilize the Company’s patented proprietary technology and a once-daily opioid. These products include sustained release oral formulations of opioids for the treatment of chronic pain. These formulations are intended to address two major limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential opioid abuse.

In December of last yeart ELTP announced it received approval from the US Food and Drug Administration (FDA) for a generic version of Adderall XR®, an extended-release mixed salt of a single entity Amphetamine product (Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine Sulfate, Amphetamine Sulfate) with strengths of 5 mg, 10 mg, 15 mg, 20 mg, 25 mg, and 30 mg tablets. The product is a central nervous system stimulant and is indicated for the treatment of Attention Deficit Hyperactivity Disorder (ADHD).


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