ELTP >>> Elite Pharmaceuticals Announces First Shipment of Generic Phentermine HCl Tablets
2011-04-07 08:00 ET - News Release
NORTHVALE, N.J., April 7, 2011 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite") (OTCBB:ELTP) announced today that the initial shipment of phentermine HCl 37.5 mg tablets, the generic version of Adipex-P® 37.5 mg tablets, was made, triggering a milestone payment under the License, Manufacturing and Supply Agreement with Precision Dose and its wholly owned subsidiary TAGI Pharma, Inc. TAGI Pharma will distribute the product as part of a multi-product distribution agreement.
Phentermine HCl is a member of the amphetamine and phenethylamine class. It is an appetite suppressant used to help reduce weight in obese patients when used short-term and combined with exercise, diet, and behavioral modification.
For the most recent twelve months ending December 2010, Adipex-P® and its generics had total U.S. sales of approximately $40 million according to IMS Health Data.
