Elite Pharmaceuticals Reports Nine Percent Revenue Growth
Webcast and Conference Call Scheduled for Tuesday, June 16 at 11:00 AM EDT
NORTHVALE, N.J., June 15, 2015 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP), a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products, announced results for the fiscal year ended March 31, 2015 ("Fiscal 2015"). Consolidated revenues for Fiscal 2015 crossed $5 million for the first time in Elite's history, reaching $5.015 million, a 9% increase over last year's record revenues of $4.6 million. The increase in revenues is due to the continued growth and expansion of Elite's generic product lines, with the launch of Isradipine 2.5 mg and 5.0 mg capsules during Fiscal 2015.
Development of our proprietary abuse-deterrent opioid technology continues to be Elite's top priority. During Fiscal 2015, Elite invested $14.7 million in clinical trials and other product development activities. Elite also recently signed a licensing and marketing agreement for our lead product, ELI-200, which utilizes our abuse deterrent technology.
"This has been the first $5 million year for revenues for Elite and the second consecutive year of record revenues. All of this has been generated by a growing line of generics," commented Nasrat Hakim, Elite's President and CEO. "With the recent marketing agreement and expected 2016 launch of the first product in our abuse deterrent opioid line, we expect even greater growth in the future."
Conference Call Information
Elite's management will host a conference call to discuss the year end 2015 financial results and provide an update on recent business developments:
|Date:||Tuesday, June 16, 2015|
|Time:||11:00 a.m. EDT|
|Webcast (live and archive)& Audio Replay:||http://ir.elitepharma.com/events_presentations|
|Dial-in numbers:||1-800-346-7359 (domestic)|
The audio replay and webcast replay will be available approximately 30 minutes following the conclusion of the conference call.
The financial statements can be viewed in Elite's Year End Report on Form 10-K at: http://ir.elitepharma.com/sec_filings
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which is developing a pipeline of proprietary pharmacological abuse-deterrent opioid products as well as niche generic products. Elite specializes in oral sustained and controlled release drug products which have high barriers to entry. Elite owns generic and OTC products which have been licensed to TAGI Pharma, Epic Pharma and Valeant Pharmaceuticals International. Elite currently has eight commercial products being sold, additional approved products pending manufacturing site transfer and a product under review pending approval by the FDA. Elite's lead pipeline products include abuse-deterrent opioids which utilize the Company's patented proprietary technology and a once-daily opioid. These products include sustained release oral formulations of opioids for the treatment of chronic pain. These formulations are intended to address two major limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential opioid abuse. Elite also provides contract manufacturing for Ascend Laboratories (a subsidiary of Alkem Laboratories Ltd.), and a Hong Kong based company for development of 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.