PHILADELPHIA, June 28, 2019 /PRNewswire/ -- Lannett
Company, Inc. (NYSE: LCI) today announced that it has entered into
a three-year agreement with Elite Pharmaceuticals to be the
exclusive U.S. distributor of a Dantrolene Capsules 25 mg, 50 mg
and 100 mg. Total U.S. sales of Dantrolene Capsules 25 mg, 50
mg and 100 mg was approximately $6.4
million for the 12 months ended April
2019, according to IQVIA, although actual generic market
values are expected to be lower.
"We have commenced the distribution of Dantrolene, for which the
market is currently comprised of a small number of competitors,"
said Tim Crew, chief executive
officer of Lannett. "While the sales potential for this
product is modest, adding Dantrolene to our portfolio demonstrates
our commitment to our customers and patients, as well as our
success in expanding relationships with existing strategic
partners. This is our second transaction with Elite."
Under the agreement, Lannett will primarily provide sales,
marketing and distribution support for the product, for which it
will receive a share of the profits. Other financial terms
were not disclosed.
Dantrolene Capsules 25 mg, 50 mg and 100 mg is the therapeutic
equivalent to the reference listed drug, Dantrium®
Capsules 25 mg, 50 mg and 100 mg of Par Pharmaceuticals, Inc. (an
Endo International Company).
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
products which have been licensed to TAGI Pharma and Glenmark
Pharmaceuticals, Inc., USA. Elite
currently has twelve approved generic products, three generic
products filed with the FDA, two approved generic products pending
manufacturing site transfer, and an NDA filed for SequestOx™.
Elite's 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 operates a GMP and DEA registered facility for research,
development, and manufacturing located in Northvale, NJ. Learn more at
www.elitepharma.com.
About Lannett Company, Inc.:
Lannett Company, founded
in 1942, develops, manufactures, packages, markets and distributes
generic pharmaceutical products for a wide range of medical
indications. For more information, visit the company's website
at www.lannett.com.
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Any such statement, including, but not limited
to, successfully commercializing generic Adderall
IR®, whether expressed or implied, is subject to
market and other conditions, and subject to risks and uncertainties
which can cause actual results to differ materially from those
currently anticipated due to a number of factors which include, but
are not limited to, the risk factors discussed in the Company's
Form 10-K and other documents filed with the SEC from time to time,
including the prospectus supplement related to the proposed
offering to be filed with the SEC. These forward-looking
statements represent the Company's judgment as of the date of this
news release. The Company disclaims any intent or obligation
to update these forward-looking statements.
Lannett
Contact:
|
|
Robert
Jaffe
|
|
Robert Jaffe Co.,
LLC
|
|
(424)
288-4098
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/lannett-enters-into-distribution-agreement-for-dantrolene-capsules-commences-product-launch-300876523.html
SOURCE Lannett Company, Inc.