Elite Pharmaceuticals Inc (OTCMKTS:ELTP) reported the issuance of new patent which expands the intellectual property for its ‘opioid abuse deterrent’ technology. The company now has 2 Canadian patents and 4 US patents issued in this area with more patents pending in the Europe, U.S. and Canada.
Nasrat Hakim, the CEO and President expressed that they are delighted with this additional patent as it expands the number of patents that have been issued in the U.S. to Elite which covers its lead abuse deterrent technologies.
Elite’s abuse resistant technology is a multi-particulate capsule which covers an opioid agonist along with naltrexone, an opioid antagonist. It is utilized mainly in the management of opioid dependence and alcohol dependence. When this product is consumed as said, the naltrexone is set to pass through the human body unabsorbed. At the same time, the opioid agonist is released offering therapeutic pain relief.
If the multi-particulate beads are dissolved or crushed, the naltrexone is set to be released from the developed formulation. The assimilation of the naltrexone is projected to block the euphoria experienced by a potential abuser by binding to the similar receptors in the brain like opioid agonist. As a result, it minimizes the incentive for misuse or abuse by recreational drug addicts. Elite’s pharmacological practice to abuse-deterrence can be used in a wide range of opioids advised in pain management.
Elite Pharmaceuticals Inc (OTCMKTS:ELTP) announced that consolidated revenues for FY2015 surged 9% to cross $5 million for the first time in company’s history. The sharp jump in revenue was possible due to the expansion of company’s generic product lines.
In last trading session, the stock price of ELTP declined more than 1% to close the trading session at $0.219. The decline came at a share volume of 856,620 compared to average share volume of 1.20 million.