Elite Pharmaceuticals Inc (ELTP)

[rgdphd]

Couch, you asked a question earlier about licensing. At this point, if I were part of a team doing the DD on elite's products, I would not want to license anything until I see the results of the abuse liability studies. Or if I do, it will be using language and terms that would de-risk my position, something I am sure Nasrat would not agree to. I would be willing to wait until the results are out, and maybe face the possibility of having to shell out more money, but I would have limited the risk and increased the upside potential. Believe me, there have been many times where we paid more after waiting for additional study results.

The other hand of this is that Nasrat could be there one who will not sign a deal until the abuse studies are completed. He may have total confidence that they will be positive that he will wait the couple of months and then sign a more favorable deal. That is why I am leaning to a partnership announcement sometime in late spring or early summer.