Elite Pharmaceuticals Inc (OTCMKTS:ELTP) a firm developing abuse-deterrent opioids and niche generic products released financial results for 3Q2015. The consolidated revenue continued upward trend in 3Q, surging to $1.4 million. It increased more than 8% from consolidated revenues recorded in 2Q2015. Although the revenue rose sequentially but still was $0.3 million less than revenue in 3Q2014. The revenue in prior year quarter was higher as company recorded a one-time $0.6 million milestone during that time.
Elite Pharmaceuticals reported that revenues for the first three-quarters of FY2015 came at $3.8 million, a jump of 6% over the comparable period. It was a stable performance as the revenue in first three quarters came higher despite one-time milestone revenue recorded last year. The expansion strategies and growth in generic product line resulted in strong revenues.
Elite Pharmaceuticals wants to cash on the opportunities offered in the abuse-deterrent opioids technology market. In 3Q the company invested almost $2.3 million in clinical studies and other related R&D activities. The investment surged to $9.9 million in the first three-quarters of FY2015. The investment was inclusive of expenses associated with the liability study for ELI-200. The development activities related to ELI-200 and other opioids candidates are reportedly making good progress.
Nasrat Hakim, the CEO of Elite Pharmaceuticals Inc (OTCMKTS:ELTP) stated that the company recorded strong financial performance in the quarter. The sequential growth is expected to continue in the coming quarters. The focus will remain on the expansion of generic product line. The company is optimistic on ELI-200 which is its first abuse-deterrent opioid drug candidate. ELI-200 efficacy study will be commenced after the FDA gives feedback on protocol.
In last trading session, Elite Pharmaceuticals stock price surged more than 5% to close at $0.238 with volume of 649,818 compared to average volume of 1.64 million.