NORTHVALE, NJ / ACCESSWIRE / February 11, 2016 / Elite Pharmaceuticals, Inc., (OTCMKTS: ELTP) announced results for the quarter ended December 31, 2015, the third quarter of its 2016 fiscal year. Consolidated revenues for the third quarter of Fiscal 2016 were $2.2 million, a 61% increase on a year-on-year basis. The increase in revenues is due to the continued growth of Elite's niche generic product lines. During the quarter, Elite invested an additional $3.2 million in the development of SequestOx(TM) (ELI-200), immediate release Oxycodone with sequestered Naltrexone, the first product in Elite's line of abuse-deterrent opioids. The successful development of SequestOx(TM) has culminated in the January 2016 FDA submission of a 505(b)(2) New Drug Application ("NDA") for 5mg, 10mg, 15mg, 20mg and 30mg abuse deterrent dosage strengths for the treatment of moderate to severe pain.
"It was a special quarter for Elite. We successfully completed the studies for Elite's first abuse deterrent opioid SequestOx(TM) and in January we submitted our first NDA," commented Nasrat Hakim, President and CEO of Elite. "We now await confirmation from the FDA of acceptance for review of our SequestOx(TM) submission."
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