Elite Pharmaceuticals Inc (OTCMKTS:ELTP) continues to trade higher in the market after posting stellar 2016 financial results. Even though the stock has been range bound for the longest time, that could soon change, if the solid financial results are anything to go by. Investors are starting to pay attention to the stock, which is closing in on its 52 weeks high of $0.44 a share.
Record 2016 Sales
The proprietor of pharmacological abuse-deterrent opioid products says it generated sales of $12.5 million for the 2016 fiscal year, representing a 150% increase from the previous year levels. Elite Pharmaceuticals has attributed the growth to an increase in both manufacturing revenues and licensing fees.
Manufacturing revenues in the year more than doubled to highs of $8 million from $3.8 million posted in 2015. License fees were also on the run, more than tripling from $1.1 million to $4.5 million. The increase was down to growth in the company’s generic product fees. The fiscal year marked the third straight fiscal year of growth for Elite Pharmaceuticals.
Chief Executive Officer Nasrat Hakim has already reiterated that the company is poised to continue registering growth in both the generic business and the launch of t SequestOx.
Focus on Abuse-Deterrent Opioids
Elite Pharmaceuticals pipeline of products includes abuse-deterrent opioids that utilize the company’s patented technology. Some of the products include oral formulations commonly used to treat chronic pain. In March, the company announced a New Drug Application for SequestOX (ELI-200) which it says would be its lead opioid, specifically targeting moderate to severe pain.
The FDA is set to issue a verdict on the application on July 14 of which a positive outcome could help bolster Elite Pharmaceuticals Inc (OTCMKTS:ELTP) sentiments on the street. Given that opioid epidemic is one of the biggest problems affecting millions of Americans, the FDA has agreed to convene a meeting before approving any Opioid that does not have abuse-deterrent properties.