Elite Pharmaceuticals Inc (OTCMKTS:ELTP) consolidated revenues came at $5.015 million against the consolidated revenues of $4.6million in FY2014. The company worked to expand its generic product line in the year, which helped it to post record revenue in the fiscal. The generic product line was extended with the release of Isradipine 2.5 mg and 5.0 mg drug during the year.
Elite Pharmaceuticals mentioned that advancement of the abuse-deterrent opioid technology remains the top priority of the company. In FY2015, the company recorded investment of $14.7 million in support of its clinical trials and other related activities. The company even finalized an important licensing and marketing deal for its lead candidate, ELI-200, which is based on abuse deterrent technology.
Nasrat Hakim, Elite’s CEO said that this is a significant achievement for the company as for the first time $5 million as annual revenue has been achieved. It is the second successive fiscal of record revenues and all of became possible due to the growing line of generics. With the new marketing deal and expected launch of the first abuse deterrent opioid product in 2016, the management projects greater growth in coming years.
Issuance of patent
In other news, Elite Pharmaceuticals Inc (OTCMKTS:ELTP) reported that the issuance of patent, named as “Abuse-Resistant Oral Dosage Forms“. The latest patent approval expands the product pipeline of the company. IN segment of opioid abuse deterrent pipeline, the company now owns four patents and two patents in US and Canada, respectively. There are more patents awaiting approval in the U.S., Canada and Europe. The CEO further added that they are delighted with the scope of patient coverage. It expands the intellectual property that company has in the U.S. and Canada.
In last trading session, the stock price of ELTP declined more than 2% to close the trading session at $0.200. The decline came at a share volume of 1.39 million compared to average share volume of 1.12 million.