Elite Pharmaceuticals Announces First Shipment to ThePharmaNetwork
January 17 2012 - 8:30AM
Elite Pharmaceuticals, Inc. ("Elite") (OTCBB:ELTP) announced today
that the initial shipment of methadone hydrochloride 10 mg tablets
has been made to ThePharmaNetwork, LLC, and its wholly owned
subsidiary, Ascend Laboratories, LLC (together "TPN") under the
commercial Manufacturing and Supply Agreement.
The methadone hydrochloride tablets are the generic equivalent
of the Dolophine® hydrochloride 10 mg tablets. The product and its
equivalents had annual sales of approximately $44 million based on
September 2011 data. Elite will be compensated at an agreed upon
price for the manufacturing and packaging of the products.
Jerry Treppel, Chairman & CEO of Elite commented, "We are
pleased to assist TPN with the launch and commercialization of
their Methadone product."
About TPN
ThePharmaNetwork, LLC is engaged in the development,
manufacturing, licensing, and marketing of strategically selected
generic pharmaceuticals as well as providing comprehensive business
development solutions that utilize its well established network of
international business relationships. ThePharmaNetwork, LLC sells
generic pharmaceuticals under its Ascend Laboratories label to all
major classes of trade.
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 four ANDA products partnered with TAGI Pharma; one ANDA
has launched, two ANDAs are in the process of a manufacturing site
transfer and an additional ANDA is currently under review by the
FDA. Elite also manufactures Lodrane D® and receives royalties
for Lodrane D®, an allergy product partnered with ECR
Pharmaceuticals ("ECR"), a wholly owned subsidiary of Hi-Tech
Pharmacal ("Hi-Tech"). Elite's lead pipeline products,
ELI-216, a once-daily abuse resistant oxycodone, and ELI-154, a
once-daily oxycodone, are novel 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 and with Hi-Tech Pharmacal to develop an
intermediate for a generic product. 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, including
those related to the preliminary nature of the clinical program
results and the potential for further product development, that
involve known and unknown risks, delays, uncertainties and other
factors not under the control of Elite, which may cause actual
results, performance or achievements of the companies to be
materially different from the results, performance or other
expectations implied by these forward-looking statements. In
particular, because substantial future testing will be required
prior to approval, the results described above may not be supported
by additional data or by the results of subsequent trials. These
risks and other factors, including the timing or results of pending
and future clinical trials, regulatory reviews and approvals by the
Food and Drug Administration and other regulatory authorities, and
intellectual property protections and defenses, are discussed in
Elite's filings with the Securities and Exchange Commission such as
the 10K, 10Q and 8K reports. 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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