Elite Pharmaceuticals Inc (OTCMKTS:ELTP) has announced the signing of a sales and distribution agreement with Epic Pharma for ELI-200. The drug is going to be marketed as an abuse-deterrent drug and makes use of Elite Pharmaceuticals abuse-deterrent technology. As per the agreement, Epic Pharma will pay Elite a sum of $15 million, apart from the royalty on sales. For now the two companies have decided to partner for a period of 5-years and renewal will be dependent upon agreement by both parties.
Elite took the opportunity to announce that ELI-200 is now in phase-3 of its clinical trials. The trials are targeted at determining the efficiency and safety of the drugs. This time the target group would be the ones experiencing sever to moderate pain after surgery. The test population is expected to total at 165 subjects and would be spread across 5 locations. Epic expects to broaden its horizons to anit-abuse pain space and experience long-term growth.
Elite announced that it expects the trials to be completed later this year, with an NDA filing by the year end. ELTP had been silent for over a month now and the news was a most welcoming one. Elite is scheduled to hold a year end conference call on June 16 to discuss the company’s recent developments and future plans. Investors are anxiously awaiting the call date, so as to get a better idea of what the new deal and clinical trials would mean for the company and themselves.
It is also anticipated that the conference call would be accompanied by a yearend financial report. The filing would be alarming for short-term traders, since the last time the company made a financial report filing the stock crashed badly. The differing views, from investors and traders, are a sign of how volatile the stock really is.
Elite Pharmaceuticals Inc (OTCMKTS:ELTP) saw the trading of 618.41 million shares during the June 10 session. The company lost 8.55% of its share value during the session to close at $0.227.
