UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
February 9, 2017 (February 9, 2017)
Date of Report (Date of earliest event reported)
ELITE PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Nevada | 001-15697 | 22-3542636 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
165 Ludlow Avenue, Northvale, New Jersey 07647
(Address of principal executive offices)
(201) 750-2646
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On February 9, 2017, Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) filed its quarterly report on Form 10-Q for the quarter ended December 31, 2016 and, thereafter, issued a press release announcing its financial results for that quarter. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
As noted in the press release, the Company will host a conference call at 11:30 a.m. Eastern Standard Time (EST) on Monday, February 13, 2017, to provide a general business update. Elite will respond to various stockholder questions submitted prior to the call.
Conference Call Information
Date: | Monday, February 13, 2017 |
Time: | 11:30 AM EST |
Dial-in numbers: | 1-800-346-7359 (domestic) |
1-973-528-0008 (international) | |
Conference number: | 98840 |
Questions: | dianne@elitepharma.com by 12Noon EST on Friday, February 10, 2017 |
Audio Replay: | http://ir.elitepharma.com/events_presentations |
Item 7.01 Regulation FD Disclosure.
The information disclosed in Item 2.02 above is incorporated
into this Item 7.01. The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished
under Item 2.02, "Results of Operations and Financial Condition," Item 7.01, "Regulation FD Disclosure" and
Item 9.01 "Financial Statements and Exhibits" of Form 8-K. As such, the information (including the exhibit) herein shall
not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under
the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except
as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibit hereto) will
not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements
of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description |
99.1 | Press Release dated February 9, 2017 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 9, 2017 | ELITE PHARMACEUTICALS, INC. | |
By: | /s/ Nasrat Hakim | |
Nasrat Hakim, President and CEO |
Exhibit 99.1
Elite Pharmaceuticals, Inc. Reports Results for Third Quarter of Fiscal Year 2017
Conference Call Scheduled for Monday, February 13 at 11:30 AM EST
Northvale, NJ – February 9, 2017: Elite Pharmaceuticals, Inc. ("Elite" or the “Company") (OTCBB: ELTP), announced results for the quarter ended December 31, 2016, the third quarter of its 2017 fiscal year.
Consolidated revenues for the third quarter of Fiscal 2017 were $2.3 million, a 6% increase on a year-on-year basis. Continued
growth of Elite’s niche generic product lines drove the revenue increase. In addition, Elite’s product development
activities continued, with $1.5 million being spent on the development of Elite’s pipeline of products during the quarter.
“This was an important quarter for Elite’s pipeline,” commented Nasrat Hakim, President and CEO of Elite. “We had a positive meeting with the FDA on SequestOx™ that provides Elite a path to resubmission of the NDA. We followed the filing of a Percocet generic the previous quarter with a filing of a Norco generic this quarter. We have made tremendous progress on the SunGen co-development products and are on track to file two of these products in about 12 months from now. We also had a solid quarter for our financials.”
About Elite’s Abuse Deterrent Technology
Elite’s proprietary abuse deterrent technology, ART™, is a multi-particulate capsule which contains an opioid agonist in addition to naltrexone, an opioid antagonist used primarily in the management of alcohol dependence and opioid dependence. When this product is taken as intended, the naltrexone is designed to pass through the body unreleased while the opioid agonist releases as intended providing therapeutic pain relief for which it is prescribed. If the multi-particulate beads are crushed or dissolved, the opioid antagonist is designed to release and so block the effects of active opioid agonist. The absorption of the naltrexone is intended to block the euphoria by preferentially binding to the same receptors in the brain as the opioid agonist and thereby reducing the incentive for abuse or misuse by recreational drug abusers. Elite’s pharmacological approach to abuse-deterrence can be applied to a wide range of opioids used today in pain management.
Conference Call Information
Elite's management will host a conference call to discuss the results of operations and provide an update on recent business developments. Company executives will conduct a question and answer session following their remarks.
Date: | Monday, February 13, 2017 |
Time: | 11:30 AM EST |
Dial-in numbers: | 1-800-346-7359 (domestic) |
1-973-528-0008 (international) | |
Conference number: | 98840 |
Questions: | dianne@elitepharma.com by 12 Noon EST on Friday, February 10, 2017 |
Audio Replay: | http://ir.elitepharma.com/events_presentations |
The financial statements can be viewed in Elite’s Third Quarter Report on Form 10-Q here.
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which is developing a pipeline of proprietary pharmacological abuse-deterrent opioid products as well as niche generic products. Elite specializes in oral sustained and controlled release drug products which have high barriers to entry. Elite owns generic and OTC products which have been licensed to TAGI Pharma, Epic Pharma and Valeant Pharmaceuticals International. Elite currently has eight commercial products being sold, additional approved products pending manufacturing site transfer and the NDA for SequestOx™, for which it received the CRL from the FDA. Elite’s lead pipeline products include abuse-deterrent opioids which utilize the Company’s patented proprietary technology and a once-daily opioid. These products include sustained release oral formulations of opioids for the treatment of chronic pain. These formulations are intended to address two major limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential opioid abuse. Elite also provides contract manufacturing for Ascend Laboratories (a subsidiary of Alkem Laboratories Ltd.). Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. Learn more at www.elitepharma.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Including those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release, readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, Elite’s ability to obtain FDA approval of the transfers of the ANDAs or the timing of such approval process, delays, uncertainties, inability to obtain necessary ingredients and other factors not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements. These forward-looking statements may include statements regarding the expected timing of approval, if at all, of SequestOx™ by the FDA, the steps Elite may take as a result of the CRL, and the actions the FDA require of Elite in order to obtain approval of the NDA. These forward-looking statements are not guarantees of future action or performance. These risks and other factors, including, without limitation, Elite’s ability to obtain sufficient funding under the LPC Agreement or from other sources, the timing or results of pending and future clinical trials, regulatory reviews and approvals by the Food and Drug Administration and other regulatory authorities and intellectual property protections and defenses, are discussed in Elite's filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q and 8-K. Elite is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
www.elitepharma.com