Revenues Increase by 61%, Product Development on Schedule
Conference Call Scheduled for Monday, August 18th at 11:00 AM EDT
NORTHVALE, N.J., Aug. 14, 2014 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP), a specialty pharmaceutical company dedicated to developing and commercializing oral abuse-deterrent controlled release products and manufacturing of generic pharmaceuticals, announced results for the first quarter of fiscal year 2015 ended June 30, 2014.
Consolidated revenues were $1.2 million for the quarter, an increase of approximately 61% over consolidated revenues for the comparable quarter of the prior year. The significant increase in revenues is due to the continued growth and expansion of Elite's generic product lines. In addition, Elite monetized its minority ownership interest in Novel Laboratories this quarter, receiving $5 million and recognizing a related gain of $1.7 million.
Development of our abuse-deterrent opioid technology continues to be Elite's top priority and we invested $4.0 million this quarter for a human abuse liability study, bioequivalence studies, and other product development activities. Elite remains on track to file its first abuse-deterrent opioid product, ELI-200, by the end of calendar 2014.
Elite's balance sheet continues to strengthen. Working capital surpluses increased from $3.8 million at the beginning of the quarter to $4.8 million as of June 30, 2014. Elite also retired the NJEDA Series B bonds and is now current with respect to all principal and interest payments due on the NJEDA Series A bonds.
Nasrat Hakim, CEO of Elite commented, "We had a solid start to our fiscal year. Our generic product lines are performing well and our pipeline of new generic products being transferred will provide further opportunities for growth. The development of our abuse-deterrent opioid products continues to progress at a rapid pace. We are on schedule to file our first product this year. In addition, Elite's balance sheet is stronger and we cured the monetary bond default, all of which provides stability for our future."
The Company will host a conference call to discuss the results of operations and provide an update on recent business developments on Monday, August 18, 2014 at 11:00 AM EDT. Company executives will conduct a question and answer session following their remarks.
To access the conference call:
Domestic callers: (800) 346-7359
International callers: (973) 528-0008
Conference Entry Code: 98840
A digital telephone replay will be available approximately one hour after the conclusion of the call for two weeks until September 2, 2014 by dialing:
Domestic callers: (800) 332-6854
International callers: (973) 528-0005
Conference entry code: 98840
The financial statements can be viewed in Elite's Quarterly Report on Form 10-Q at: http://www.elitepharma.com/sec_filings.asp.
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. develops oral sustained and controlled release products. Elite's strategy includes assisting partner companies in the life cycle management of products to improve off-patent drug products and developing generic versions of controlled release drug products with high barriers to entry. Elite has seven commercial products currently being sold, twelve additional approved products pending manufacturing site transfer and two additional products under review pending approval by the FDA. Elite's lead pipeline products include abuse-deterrent opioids utilizing the Company's patented proprietary technology, and a once-daily opioid. They are sustained release oral formulations of opioids for the treatment of chronic pain, which address two of the limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential abuse. Elite also provides contract manufacturing for Ascend Laboratories (a subsidiary of Alkem Laboratories Ltd.) and has partnered with Epic Pharma for the manufacturing and distribution of eleven approved products pending manufacturing site transfer, with Hi-Tech Pharmacal to develop an intermediate for a generic product, and a Hong Kong based company to develop a branded product for the United States market and its territories. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Including those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release, readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, its ability to obtain FDA approval of the transfers of the ANDAs or the timing of such approval process, delays, uncertainties, inability to obtain necessary ingredients and other factors not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements. These risks and other factors, including, without limitation, the Company's ability to obtain sufficient funding under the LPC Agreement or from other sources, the timing or results of pending and future clinical trials, regulatory reviews and approvals by the Food and Drug Administration and other regulatory authorities, intellectual property protections and defenses, and the Company's ability to operate as a going concern, are discussed in Elite's filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q and 8-K. Elite undertakes no obligation to update any forward-looking statements.
Source:Elite Pharmaceuticals, Inc.