Elite Laboratories Announces Agreement for Controlled Release Product

Elite Pharmaceuticals, Inc. announced the entry into an agreement with a specialty dermatological marketing company, and a boutique formulation development company, for the manufacture and distribution of a controlled release drug product. The product is a generic equivalent to a branded drug with addressable market revenues of approximately $80 million per year. The agreement provides for (i) the drug development by Elite with costs of development to be shared by Elite and the marketing company, (ii) the manufacture by Elite and its sale to the marketing company for distribution, and (iii) the boutique development company to be responsible for any requisite submissions to the FDA relating to the product.

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