Elite Pharmaceuticals Inc (ELTP)

[The ELTP King]

Elite Pharmaceuticals, Inc. Announces First Shipment of Generic Naltrexone Hydrochloride


NORTHVALE, N.J., Sept. 18, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (ELTP) today announced the initial shipment of naltrexone hydrochloride 50 mg tablets 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.
Naltrexone is an opioid receptor antagonist used primarily in the management of alcohol dependence and opioid dependence. For the calendar year 2012, Revia and its generic equivalents had total U.S. sales of approximately $16 million according to IMS Health Data.
"With the shipment of naltrexone, Elite has now launched seven products in less than two and a half years," commented Nasrat Hakim, Elite's President and CEO. "The Company has executed the strategic plan on schedule. This plan now includes an additional thirteen products, eleven of which are approved, and are prioritized for commercialization pending manufacturing site transfer."