Elite Pharmaceuticals Inc (OTCMKTS:ELTP) informed about the addition of new patent to its intellectual property portfolio covering ‘opioid abuse deterrent’ technology. The total number of patents granted to the company in the U.S. stands at four whereas it has two patents approved in Canada.
The company is waiting for more patents to be approved in the Europe, U.S. and Canada. The CEO Nasrat Hakim said that they are pleased to get this additional patent which expands the intellectual property portfolio. As of now, the development of abuse-deterrent opioid know-how remains the focus area of the company.
The opioid abuse deterrent technology covers a multi-particulate capsule which is utilized in the management of opioid and alcohol dependence. When the capsule is consumed as indicated, the naltrexone is passes through the body unabsorbed. Following the consumption, the opioid agonist becomes free offering relief from pain.
Elite team stated that if the capsule is crushed or dissolved, the naltrexone will set free from the developed composition. The naltrexone absorption is said to reduce the euphoria felt by an abuser. The drug achieves it by binding it to the comparable receptors in the brain. Overall, it minimizes the reason for misuse by recreational drug addicts. The novel pharmacological application to abuse-deterrence can be applied in various opioids recommended in pain management.
The consolidated revenues surged 9% to $5.015 million in FY2015. It is for the first time Elite managed to register revenue above $5 million. The increase in revenue was achieved as the company expanded its generic product lines. The company invested over $14 million to boost its ongoing clinical trials in the fiscal.
In last trading session, the stock price of Elite Pharmaceuticals Inc (OTCMKTS:ELTP) consolidated to close flat at $0.200. The share volume was1.28 million compared to average share volume of 1.15 million.