Elite Pharmaceuticals Inc (ELTP)

[KravMD]

Elite Pharmaceuticals, Inc. Announces First Shipment of Generic Phentermine Capsules


Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP) today announced the initial shipment of phentermine HCl capsules 15 mg and 30 mg under the License, Manufacturing and Supply Agreement with its sales and marketing partner, triggering a milestone payment. Elite's sales and marketing partner will distribute the product as part of a multi-product distribution agreement.
Phentermine is a member of the bariatric class of drugs intended to aid in weight loss. For the twelve months ending December 31, 2012, Adipex-P® 15 mg and 30 mg and its generic equivalents had total U.S. sales of approximately $2.5 million and $5 million respectively according to IMS Health Data. U.S. sales of this product are thought to be greater than the IMS data due to its distribution through channels that are not included in IMS data.

"Elite has successfully launched another product line, this one encompassing two dose strengths. Management remains dedicated to enhancing shareholder value by expanding our generic portfolio of products, continuing the development of our abuse-resistant opioid line of products, enhancing our intellectual property, and strengthening the balance sheet," commented Jerry Treppel, Elite's Chairman and CEO.