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Elite Pharmaceuticals, Inc. Appoints Nasrat Hakim as President and Chief Executive Officer



Elite Pharmaceuticals, Inc. Appoints Nasrat Hakim as President and Chief
Executive Officer

             Elite Adds Twelve Approved Products to Its Pipeline

               Conference Call Scheduled for 1 PM Eastern Time

NORTHVALE, N.J., Aug. 5, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc.
(OTCBB:ELTP) today announced the appointment of longtime industry veteran
Nasrat Hakim as President, Chief Executive Officer and member of Elite's board
of directors. Elite has also purchased from Mikah Pharma, LLC ("Mikah") twelve
approved and one pending Abbreviated New Drug Applications ("ANDAs") to add to
Elite's pipeline of products.   As part of his employment agreement, Mr. Hakim
has elected to receive his salary in restricted common stock in lieu of
cash. Jerry Treppel remains Chairman of the Board of Directors.

Nasrat Hakim has more than 30 years of pharmaceutical and medical industry
experience in Quality Assurance, Analytical Research and Development,
Technical Services and Regulatory Compliance. He brings with him proven
management experience, in-depth knowledge of manufacturing systems,
development knowledge in immediate and extended release formulations and
extensive regulatory experience of GMP and FDA regulations. From 2004 - 2013,
Mr. Hakim was employed by Actavis, Watson and Alpharma in various senior
management positions. Most recently, Mr. Hakim served as International Vice
President of Quality Assurance at Actavis, overseeing 25 sites with more than
3,000 employees under his leadership. Mr. Hakim also served as Corporate Vice
President of Technical Services, Quality and Regulatory Compliance for Actavis
U.S., Global Vice President, Quality and Regulatory Compliance for Alpharma,
as well as Executive Director of Quality Unit at TheraTech, overseeing
manufacturing and research and development. In 2009, Mr. Hakim founded Mikah
Pharma, LLC, a virtual, fully functional pharmaceutical company.

With Mr. Hakim joining the Company, Mikah has sold to Elite thirteen ANDAs for
generic pharmaceutical products. Of the thirteen products, which represent six
different chemical entities, twelve of these products are already FDA approved
ANDAs, with one already on the market and one ANDA is under active review by
the FDA. Of the thirteen products, two products are in markets where there is
only one other generic competitor. Elite will submit filings to the FDA for
each of the products for the manufacturing site transfer. The Company believes
that the site transfers qualify for a CBE 30 review with one exception, which
would allow for the product manufacturing transfer on an expedited
basis. However, the Company can give no assurances that the site transfers
will qualify for a CBE 30 review or on the timing of these transfers and the
timing is dependent on the FDA reviews. 

"Nasrat is a uniquely qualified, seasoned leader with more than three decades
of experience in the pharmaceutical and medical industry. Nasrat has broad
experience in both branded and generic pharmaceuticals as well as extensive
regulatory experience and I have tremendous confidence in his ability to drive
operational excellence and growth as we advance the development of products
utilizing our proprietary abuse resistant technology. The acquisition of the
Mikah products is expected to eventually significantly enhance our revenue
base over time with a commensurate increase in cash flow that will be utilized
to decrease our operating losses and then support R&D. Nasrat's willingness
to accept stock in lieu of cash for payment of salary and bonus, at his
insistence I might add, speaks volumes as to his opinion of Elite's future
potential," said Jerry Treppel, Chairman of Elite Pharmaceuticals.

"I am extremely excited to join Jerry and the other members of the Elite team
as the Company expands the product pipeline and revenues while at the same
time advances the development of abuse resistant opioids," said Nasrat
Hakim. "I believe that Elite possesses unique and compelling pharmacological
technology to develop opioids with the highest barrier to prevent recreational
drug abuse.  I look forward to working with the Elite team and being a part of
this exciting transformation."

The Company will host a conference call today at 1:00 PM EDT to provide an
update on these recent corporate developments. Company executives will also
conduct a question and answer session following their remarks.

To access the conference call:

  Domestic callers: (800) 346-7359
  International callers: (973) 528-0008
  Conference Entry Code:  98840

A digital telephone replay will be available approximately one hour after the
conclusion of the call for two weeks until August 19, 2013 by dialing:

  Domestic callers: (800) 332-6854
  International callers: (973) 528-0005
  Conference entry code:  98840

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. develops oral sustained and controlled release
products. Elite's strategy includes assisting partner companies in the life
cycle management of products to improve off-patent drug products and
developing generic versions of controlled release drug products with high
barriers to entry. Elite has six commercial products currently being sold, an
additional product approved and soon to be launched, eleven approved products
pending manufacturing site transfer and two additional products under review
pending approval by the FDA. Elite's lead pipeline products include abuse
resistant opioids utilizing the Company's patented proprietary technology, and
a once-daily opioid. They are sustained release oral formulations of opioids
for the treatment of chronic pain, which address two of the limitations of
existing oral opioids: the provision of consistent relief of baseline pain
levels and deterrence of potential abuse. Elite also provides contract
manufacturing for Ascend Laboratories (a subsidiary of Alkem Laboratories
Ltd.) and has partnered with Mikah Pharma to develop a new product, with
Hi-Tech Pharmacal to develop an intermediate for a generic product, and a Hong
Kong based company to develop a branded product for the United States market
and its territories. Elite operates a GMP and DEA registered facility for
research, development, and manufacturing located in Northvale, NJ.

This news 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, its 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 risks and other factors, including, without
limitation, the Company'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, intellectual property
protections and defenses, and the Company's ability to operate as a going
concern, 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
undertakes no obligation to update any forward-looking statements.

CONTACT: For Elite Pharmaceuticals, Inc.
         Dianne Will, Investor Relations, 518-398-6222
         Dianne@elitepharma.com
         www.elitepharma.com

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