Replies to post #327164 on Elite Pharmaceuticals Inc (ELTP)

[jour_trader]

Referring to milestone pmt received (that CFO recorded wrong and financials had to be restated).

[The ELTP King]

WRONG.

Elite specifically stated in the conference call back then that the first 5 million dollar payment was kept in a separate account to be used for and only for the SequestOx trials. They weren't allowed to use this money for anything else, which is the reason for the separate account.

And then Epic paid Elite 2.5 million to pay for the SequesOx NDA filing fee.

Epic did NOT provide any funds to Elite for R&D or trials with respect to the SequestOx (ELI-200) NDA.