Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Epic sitting on the generics for years

Remember, Nasrat is a member of Epic Investments, and he was brought to Elite when it was controlled by 3 members of Epic sitting on the Elite BOD. It was this same Epic-controlled BOD that decided to give Nasrat $10 million for his 13 generic ANDA's. Shareholders didn't even know what the 13 ANDA's were, as 10 of them were initially kept secret. Within weeks the supply and licensing agreement with Epic was signed, and it served to provide legitimacy to the $10M deal. As time went on and nothing happened, Nasrat could play the victim and act like it was all up to the guys at Epic and completely out of his control. In my opinion, the whole deal was a sham from the start. I don't believe Epic ever intended to market any of those drugs- the only intention was to make it look like the 13 ANDA's had real value when actually it was an assortment of odd lot misfit ANDA's that are nearly worthless, then and now.

Nasrat pretty obviously was in on it from the start, and we know this because of how he handled isradipine, which was his baby. Isradipine is the reason he brought in Doug Plassche, who had previous manufacturing experience with this specific finicky drug. Of all the original 13, Nasrat knew isradipine was the only one with any potential, and he made it clear early on that isradipine would be manufactured at the Northvale plant and not by Epic. He knew isradipine was the only one worth a crap, and it was the only one he didn't send to be quarantined by his partners at Epic.

By the time we realized 5 of the 13 ANDA's were for the same rarely used drug that we already owned (phentermine) and the others weren't much better, Nasrat was ensconced on his quarter billion share throne. It wasn't long before he scrounged the trimipramine ANDA from the leftover bin of the Actavis divestiture. He laundered it through a supposedly wound-down Mikah, so again shareholders are kept in the dark as more and more shares are funneled from the treasury every month to pay interest to Mikah for a worthless drug.

In the 7+ years since we "merged" with Mikah and acquired the 13 ANDA's, only isradipine, dantrolene, and loxapine have been added to the products page. Dantrolene wasn't until 2019, and loxapine still has not shipped. That's what we got for our $10 million, and it was Nasrat's partners at Epic that signed the check.