Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Files Annual Report
On Monday Elite Pharmaceuticals Inc (OTCMKTS:ELTP) submitted their annual report for the company’s fiscal year ended March 31. According to it the company finished the period with:
• $7.46 million cash
• $12.3 million total current assets
• $5 million total current liabilities
• $5 million revenues
• $16.5 million loss from operations
As you can see ELTP is far from the typical pharmaceutical pennystock. Not only does the company have a positive working capital of several millions but it is also generating some impressive revenues. In fact, the company managed to break through $5 million in annual revenues for the first time with the majority of the sales coming from their generic products. During the fiscal year ELTP expanded their generic products line with the launch of Isradipine 2.5 mg and 5.0 mg capsules. In April, this year, they launched generic Hydroxyzine HCI 10 mg, 25 mg and 50 mg tablets.
The main focus of the company, however, is on their ELI-200, an abuse-deterrent opioid utilizing Elite’s proprietary pharmacological abuse-deterrent technology. Just a couple of weeks ago ELTP signed a sales and distribution licensing agreement with Epic Pharma LLC for the drug that could bring them $15 million in non-refundable milestone payments in addition to a royalty based on net product sales.
ELI-200 is currently in a Phase III clinical study that is going to involve 165 patients at five clinical sites. The study is expected to be completed later this year with a New Drug Application submitted to the FDA by the end of 2015.
Despite the positive aspects of the company their stock remains highly volatile. For the last two sessions ELTP has been dropping down on above-average volume. Yesterday the ticker corrected by nearly 8% closing at $0.2185 per share. The inconsistent performance of the stock should be taken into account before any money is put on the line.
