Elite Pharmaceuticals, Inc. Reports Financial Results for the First Quarter of Fiscal Year 2018 Ended June 30, 2017 and Provides Conference Call InformationConference Call Scheduled for Thursday, August 10th at 1:00 PM EDT GLOBENEWSWIRE 4:40 PM ET 8/9/2017 Symbol Last Price Change ELTP 0.115up 0 (0%) QUOTES AS OF 03:59:24 PM ET 08/09/2017 NORTHVALE, N.J., Aug. 09, 2017 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc.(ELTP) ("Elite" or the “Company") , a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products, announced results for the first quarter of fiscal year 2018 ended June 30, 2017 (“First Quarter”).
Consolidated revenues for the First Quarter were $1.7 million, a decrease from the prior year comparable period primarily due to decreases in revenues from naltrexone and the contract manufacturing of methadone. Elite invested heavily in product development activities during the First Quarter and milestones achieved included filing an ANDA for an undisclosed pain product, a successful pivotal bioequivalence study for an undisclosed generic product co-developed with SunGen Pharma, and the issuance of a European patent relating to Elite’s opioid abuse deterrent technology. Elite also acquired an ANDA for generic Trimipramine, which will be marketed by Dr. Reddy’s Laboratories.
“We continue our strategy of developing a diverse product line of generics and abuse-deterrent opioids,” commented Nasrat Hakim, Elite’s President and CEO. “We now have four ANDAs under active review by the FDA, an impressive number for company of our size. We expect more product filings before year end including the filing of a generic product of OxyContin which is the largest abuse deterrent product currently on the market with revenues of $2.3 billion in 2016. We also continue to build our resources and systems in anticipation of the future growth from our pipeline.”
Conference Call Information
Elite's management will host a conference call to discuss the first quarter financial results for fiscal year 2018 ended June 30th and provide an update on recent business developments. Stockholder questions should be summited to the company in advance of the call.
Date: Thursday, August 10, 2017 Time: 1:00 PM EDT Dial-in numbers: 1-800-346-7359 (domestic) 1-973-528-0008 (international) Conference number: 98840 Questions: dianne@elitepharma.com by 9:00 AM EDT on Thursday, August 10, 2017 Audio Replay: http://ir.elitepharma.com/events_presentations
Consolidated revenues for the First Quarter were $1.7 million, a decrease from the prior year comparable period primarily due to decreases in revenues from naltrexone and the contract manufacturing of methadone. Elite invested heavily in product development activities during the First Quarter and milestones achieved included filing an ANDA for an undisclosed pain product, a successful pivotal bioequivalence study for an undisclosed generic product co-developed with SunGen Pharma, and the issuance of a European patent relating to Elite's opioid abuse deterrent technology. Elite also acquired an ANDA for generic Trimipramine, which will be marketed by Dr. Reddy's Laboratories.
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