Elite Pharmaceuticals Announces Amendment to Bridge Loan Facility
December 10 2012 - 8:00AM
Elite Pharmaceuticals, Inc. ("Elite") (OTCBB:ELTP) announced today
that it has amended the bridge loan agreement ("Loan Agreement")
with Jerry Treppel, Elite's Chairman & CEO. Pursuant to the
amendment to the Loan Agreement, Mr. Treppel has agreed to increase
the maximum principal amount of the line of credit from $500,000 to
$1,000,000. All other terms remain the same. The additional
proceeds will be used primarily for working capital to support
Elite's increase in production and growth of sales.
A copy of the amendment to the Loan Agreement will be filed in a
Current Report on Form 8-K which will be filed with the Securities
and Exchange Commission.
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 three commercial products being sold through a partner, two
products produced for partners under contract manufacturing
agreements, two additional products approved and pending launch,
and two products under review, pending approval by the FDA. Elite's
lead pipeline products include abuse resistant 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
has partnered with Mikah Pharma to develop a new product, 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.
The Elite Pharmaceuticals, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8737
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, delays, uncertainties, inability to obtain necessary
ingredients and other factors not under the control of Elite 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 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.
CONTACT: Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
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