Elite Pharmaceuticals Inc (ELTP)

[Liam00]

That might not be entirely true. For a study to commence there has to be quantities of "Test Article" produced. You can’t do a study, unless you have the product produced that is being tested. To create the test article for a product not yet in production is usually VERY expensive, as it is a 100% custom production and requires a lot of effort, analysis and expense. My suspicion is that the $1M was to get the pieces in place. I.e. Test article, Clinical Lab NDA, and the various applications etc. Once an investor sees this level of completion, then they are far more likely to pony up the dough, so to speak. I think Jerry really stuck his neck out with that $1 mill, and this is the "big hit" he talked about. It will be a little while before the results are out, but my guess is the FDA will allow an accelerated program to get the ART to market.
All this IMO. I was connected to a CRO, and I have no knowledge about Elite's business. Just a typical approach to this type of study.