Elite Pharmaceuticals Inc (ELTP)

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NEWS!!!!! - Elite Pharmaceuticals Enters Into An Exclusive Distribution Agreement With Prasco, LLC And Announces Commercial Launch Of Loxapine Capsules

NORTHVALE, NJ / May 4, 2021 / Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP) announced today that its distribution and marketing partner Prasco, LLC ("Prasco"), has launched Elite's generic Loxapine capsules.

Elite entered a license, supply, and distribution agreement ("Agreement") with Prasco for Elite's Abbreviated New Drug Application (ANDA) for Loxapine Succinate capsules, 5 mg, 10 mg, 25 mg, and 50 mg ("Loxapine Capsules"). Loxapine is indicated for the treatment of schizophrenia and is currently listed on the FDA drug shortage list.

Prasco will be the exclusive U.S. distributor for Loxapine capsules, which will be marketed under Burel Pharmaceutical's label. Under the Agreement, Prasco will provide sales, marketing, and distribution for the product, and Elite will manufacture the product.

"Elite is excited to partner with Prasco to launch Loxapine," said Nasrat Hakim, President and CEO of Elite. "Prasco have the scale, infrastructure, reputation, and expertise to be an excellent partner for the distribution of this product for Elite."

"Prasco is honored to align with Elite Pharmaceuticals in bringing much needed supply to this critical product," said Chris Arington, Prasco CEO, "Loxapine tablets will be made available through Prasco's network of wholesalers and distributors to provide nationwide access for patients."

About Prasco, LLC
Prasco, is a privately held healthcare company located in Mason, Ohio. Over 50 of the most innovative and trusted pharmaceutical companies have relied on Prasco to bring their products to the US generic marketplace. Prasco is the acknowledged category leader in Authorized Generics, providing patients with high quality products at more affordable prices in over 60,000 US pharmacies. For more information, visit the company's website at www.prasco.com

About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which develops niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products which have been licensed to Lannett Company, Glenmark Pharmaceuticals, Inc. and TAGI Pharma. Elite operates a cGMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. For more information, visit www.elitepharma.com.