ELITE PHARMACEUTICALS TO COLLABORATE WITH THE PHARMANETWORK ON
COMMERCIALIZING A GENERIC VERSION OF A SYNTHETIC NARCOTIC
NORTHVALE, N.J.--November 14, 2006--Elite Pharmaceuticals, Inc. ("Elite" or the
"Company") (AMEX: XXX) has entered into a development agreement with The
PharmaNetwork, LLC ("TPN"). Elite and TPN expect to co-develop and commercialize
a generic version of a synthetic narcotic analgesic drug, and upon completion of
development, intend to license it for sale.
"We are pleased to initiate this relationship with The PharmaNetwork, a
development company with an experienced team of formulation experts and a proven
track record of filing ANDAs," said Xxxxxxx Xxxx, Chairman and Chief Executive
Officer of Elite. "This agreement is consistent with our overall strategy to add
products to our pipeline which address specialized niche markets."
"Elite's expertise in both the generic and pain management markets provides us
with a synergistic fit," commented Xxxxxxxx Xxxx, President of TPN. "We look
forward to working closely with Elite, and bringing to market another generic
product."
Elite currently has a pipeline of partnered generic products estimated to
address a market of $4 billion. The Company's generics portfolio addresses
indications including infection and anxiety. In addition, Elite has two branded
products, Lodrane 24 which is currently on the market and Lodrane 24D, expected
to launch by the end of 2006, and two pain products, XXX-216, an abuse deterrent
oxycodone hydrochloride product and XXX-154, a once-daily oxycodone
hydrochloride product.
ABOUT TPN
ThePharmaNetwork, LLC is engaged in the development, manufacturing, and
licensing, and marketing of strategically selected generic pharmaceuticals as
well as providing comprehensive business development solutions that utilize its
well established network of international business relationships.
ABOUT ELITE PHARMACEUTICALS
Elite Pharmaceuticals is a specialty pharmaceutical company principally engaged
in the development and manufacturing of oral controlled-release products. The
Company's strategy includes developing generic versions of controlled release
drug products with high barriers to entry and assisting partner companies in the
life cycle management of products to improve off-patent drug products. Elite's
technology is applicable to develop delayed, sustained or targeted release
capsules or tablets. Elite has one product currently being sold commercially and
a pipeline of eight other drug products under development in the therapeutic
areas that include pain management, allergy, cardiovascular and infection. The
addressable market for Elite's current pipeline of generic and branded drug
products exceeds $6 billion. Elite also has a GMP and DEA registered facility
for research, development, and manufacturing located in Northvale, NJ.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS, INCLUDING THOSE RELATED
TO THE PRELIMINARY NATURE OF THE CLINICAL PROGRAM RESULTS AND THE POTENTIAL FOR
FURTHER PRODUCT DEVELOPMENT, THAT INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS,
UNCERTAINTIES AND OTHER FACTORS NOT UNDER THE CONTROL OF ELITE, WHICH MAY CAUSE
ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANIES TO BE MATERIALLY
DIFFERENT FROM THE RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE
FORWARD-LOOKING STATEMENTS. IN PARTICULAR, BECAUSE SUBSTANTIAL FUTURE TESTING
WILL BE REQUIRED PRIOR TO APPROVAL, THE RESULTS DESCRIBED ABOVE MAY NOT BE
SUPPORTED BY ADDITIONAL DATA OR BY THE RESULTS OF SUBSEQUENT TRIALS. THESE RISKS
AND OTHER FACTORS, INCLUDING 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 THE ELITE'S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION SUCH AS THE 10K, 10Q AND 8K REPORTS. THE
COMPANY UNDERTAKES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS.
FOR FURTHER INFORMATION, CONTACT:
Investor Relations
The Investor Relations Group
Xxxx Xxxxxxx/ Xxxxxx "Taz" Xxxxxxxxx
Phone: 000-000-0000
or
For Elite Pharmaceuticals, Inc.
Xxxxxx Xxxx, Investor Relations
Phone: 000-000-0000
E-Mail: xxxxx@xxxxxxxx.xxx
Website: xxx.xxxxxxxxxxx.xxx
-------------------
