Elite Pharmaceuticals Inc (OTCMKTS:ELTP) revenue in 3Q2015 surged 8.5% over prior quarter. The consolidated revenues continued upward trend, surging to $1.4 million. The revenue for the first three-quarters ending December 31, 2014 jumped 6% to $3.8 million compared to the same period, a year ago. The expansion of generic product lines contributed to higher revenues in 3Q2015.
Abuse-deterrent opioid technology
Elite worked arduously on development of its proprietary abuse-deterrent opioid technology. It was and remains a top priority for the company. In 3Q2015, Elite Pharmaceuticals Inc (OTCMKTS:ELTP) spent $2.3 million in clinical trials. For nine months ending December 31, 2014, Elite spent $9.9 million in product development activities. It completed the human abuse liability research for ELI-200. Elite will continue to work on development activities related to its abuse-deterrent opioid products.
The management view
Nasrat Hakim, the CEO and President of Elite said that once again, the company managed to post revenue growth compared to the previous quarter. The growth trend is expected to continue in coming quarters. The expansion of generic product line forms a significant part of the business plan. The study of ELI-200, which is the first abuse-deterrent opioid product of Elite Pharmaceuticals Inc (OTCMKTS:ELTP), is steadily making progress. The efficacy study is anticipated to commence in the second half of March after the company gets FDA feedback on the matter of protocol. As part of branding, the company plans to launch ART product soon.
The future ahead
Elite anticipates filing ELI-200 NDA in 3Q, which indicates that the NDA review by FDA will be completed by early 2016. The company is working on the expansion of its manufacturing facility and increasing capacity so that it doesn’t face any problem during product launch. Despite strong performance in 3Q2015, Elite Pharmaceuticals Inc (OTCMKTS:ELTP)’s shares dropped more than 9% to close at 0.230 in last trading session. The stocks are moving close to 52-week low of 0.17.