Replies to post #383775 on Elite Pharmaceuticals Inc (ELTP)

[The ELTP King]

The official FDA/DEA letter was just released yesterday, so it's also news to Nasrat.

However, he did address this topic in the CC just 33 days ago, and he was FURIOUS.

Read through the entirety of his comments below addressing the DEA and quotas.

Based on Nasrat's comments and the letter just released, it does appear Elite is about to get a huge quota increase.

June 30, 2023 Conference Call

- "We cannot sell more than what the DEA permits us. We definitely are trying, but today I'm trying to give you the honest to witness positive picture about the company, so I don't want to talk about the demons on my head and that is the DEA Census Code hand to mouth, we are having to struggle and turn things around and all the hard work we're doing here, that's not for you guys to worry about. That's for Doug Plassche and myself and Chris Dick and Kirko to worry about."

- "But we cannot make a product if we don't have the API. To get the API, the DEA needs to allow us quota. The DEA is really controlling the quota now. The DEA is not developed here. They have a good point. They sent us analysis that they authorize, let's say I don't remember the numbers, let's say 5 billion units to go to the market and they only see 3 billion in the market. So where are the other 2 million? Are people holding on in it to drive the prices up or to wait till somebody can deliver and they have a failure to supply situation? They need to investigate that stuff. But Elite is now one of these people, we're a tiny little company that really are making this stuff and next day we're shipping it and we can show evidence that it's going straight to the pharmacy and it's being sold, okay?"

- "But of course, we have to go through the channels everybody goes through and we have to work with the DEA. And but for that we would do very well, okay. With this long answer, let me give you a positive twist. My expectations for 2024 that will probably double the ER sales, okay, at least go 1.5 times what we have with Lannett. I'm hoping showing the DEA that I'm selling all of this and I have contracts that will give us a break and that break will go a little at a time, so it's not going to happen today. So maybe by next year, when I show them all that data, they'll trust us and give us more."