Elite Pharmaceuticals Inc (OTCBB:ELTP): Product Launch Escalated Share Price with Heavy Volume


Dallas, Texas 09/23/2013 (Financialstrend) – A specialty biopharmaceutical company, Elite Pharmaceuticals Inc (OTCBB:ELTP) mainly engaged in development and manufacturing of generic pharmaceuticals alongside that of oral, controlled release products. Its product portfolio includes Phentermine tablets, Lodrane D Immediate Release capsules and Hydromorphone Hydrochloride tablets. Additionally the company is also developing generic drug candidates utilizing its proprietary Abuse Resistant Technology. Such candidates include ELI-154 and ELI-216.

The stock gained 2.9% on Friday, September 20, 2013 and traded in the range of $0.155 and $0.16 and closed at its day high of $0.16. The stock traded with whooping volume of 8.26 million shares, almost 2.75 times more than its average trading volume of 2.99 million shares. The stock has delivered more than 100% return year to date and staggering 45% increase in its share price during the past week’s (Sep 16 – Sep 20) trade. The stock has traded around the 52 week price range of $0.05 on the lower side and $0.17 on the higher side. Elite Pharmaceuticals Inc (OTCBB:ELTP) has market capitalization of $64.35 million with total of 403.45 million shares outstanding.

Earlier last week the company announced the first shipment of Naltrexone hydrochloride tablets. The product will be distributed by the company’s sales and marketing partner as a part of their multi-product distribution agreement. Nasrat Hakim, Elite’s President and Chief Executive Officer commented that with this launch, the company has executed its strategic plan on schedule delivering seven product launches in little than two and a half year period and still includes thirteen more products at various stages of approval, manufacturing start-up and commercialization.

To brief, the company has two products under review by the United States Food and Drug Administration and eleven products already approved, awaiting production due to manufacturing site transfer.

The company is also focusing on product development utilizing their patented Abuse Resistant Technology and is hopeful to prove it succeeding than what the competitors’ possess.