Elite Pharmaceuticals Inc (OTCMKTS:ELTP) a company working on niche generic products and abuse-deterrent opioids posted results for 3Q2015 ended December 31, 2014. The consolidated revenue for 3Q2015 continued upward trend, surging to $1.4 million. It surged as much as 8.5% over consolidated revenues for 2Q2015. However, the revenue reported was $0.3 million below revenues recorded for 3Q2014 due to a one-time $0.6 million milestone recorded in the prior year third quarter.
The financial performance
Revenues for the first three-quarters ending December 31, 2014 came at $3.8 million, an increase of 6% over the comparable period of the prior year, it was an achievement for the company as last year nine months revenue included one-time milestone revenue. The growth in revenues was due to the continued expansion and growth of Elite’s generic product lines.
Elite Pharmaceuticals focus in on the development of abuse-deterrent opioid technology. In 3Q2015 the company invested an additional amount of $2.3 million in clinical studies and other development activities. In the first three-quarters of FY2015, Elite invested $9.9 million in product development. The investment covered expenses related to completion of the liability study for ELI-200. The company reported that other development procedures related to ELI-200 and other abuse-deterrent opioid candidates are also ongoing. It will update the shareholders on the development activities during the conference call.
The impressive quarter
Nasrat Hakim, the CEO and President of Elite Pharmaceuticals Inc (OTCMKTS:ELTP), said that once again the company posted a strong quarter sequentially. He expects the trend to continue in the coming quarters. The expansion and the growth of generic product line is an important part of the company’s strategy. For ELI-200, first abuse-deterrent opioid candidate of the company, the team now have a crystal clear path. ELI-200 efficacy study is expected to commence in mid-March after the FDA provides feedback on protocol.
In last trading session, ELTP stock price declined 1.96% to close at $0.226 with 1.37 million shares traded.