Elite Pharmaceuticals, Inc. Secures $10

New Post Public Reply Private Reply Replies (1) Message Board
Couch ryan g #1212

Elite Pharmaceuticals, Inc. Secures $10 Million Funding Commitment From Lincoln Park Capital Fund, LLC

Elite Pharma (OTCBB:ELTP)
Intraday Stock Chart

Today : Monday 22 April 2013

Click Here for more Elite Pharma Charts.

Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP) announced today that it has entered into a $10 million common stock purchase agreement with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based  institutional investor . The Company has agreed to file a registration statement with the U.S. Securities & Exchange Commission ("SEC") covering the shares that may be issued to Lincoln Park Capital under the terms of the  common stock purchase agreement. After the SEC has declared the registration statement related to the transaction effective, the Company has the right, at its sole discretion over a period of three years to sell up to $10 million of its common stock to LPC under the terms set forth in the agreement. Proceeds from the  transaction will be used to develop the Company's pipeline of products, including the abuse resistant opioids, and for general corporate purposes.

Commenting on the new financing, Elite's Chairman and CEO, Jerry Treppel said, "We are pleased to have Lincoln Park as an  investor in Elite. Since the fall of 2011, Elite has demonstrated its ability to add new products, having eight new products approved or launched since then. We intend to use some of the proceeds from this financing to help develop and advance our pipeline of products, including the abuse resistant opioids."

Under the terms of the agreement, there are no upper limits to the price that LPC may pay to purchase Elite's common stock. Elite will control the timing and the amount of shares to be sold. LPC has no right to require any sales and is obligated to purchase common  stock as directed by Elite. Under the terms of the agreement, LPC has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of Elite's shares of common stock. In consideration for entering into the agreement, Elite has issued shares of common stock to LPC as a commitment fee and will issue additional commitment fee shares in proportion to the amount of shares purchased by LPC under the agreement.

Additional details regarding the financing are included in a Current Report on Form 8-K filed today by Elite with the Securities and  Exchange Commission .

This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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 five commercial products currently being sold, an additional product approved and soon to be launched, and one additional product 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 Actavis and Ascend Laboratories (previously a subsidiary of ThePharmaNetwork and now 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, 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 

Elite Pharmaceuticals Inc (ELTP) Stock Research Links

ELTP Board Company Profile Buy Rating Time & Sales News Filings Financials
Scroll down for more posts ▼

Top 10 Most Recent News Articles

Karoo Health Leaps Forward with New CCO Breton

Updated Category News Views 10

Change of Guard in Cardiac Health at Karoo Here's a move that might shake things up in the healthtech sector: Karoo Health just snagged Angela "Angie" Breton as their new Chief Commercial Officer. It's like putting a seasoned captain at the helm right before setting sail on uncharted waters. Breton's not just any captain—she's got a hefty 25 years of experience...

Continue Reading
Charter Next Generation Unveils Gen 2 MDO-PE Films

Updated Category News Views 9

Peering Into CNG's Latest Innovation Charter Next Generation (CNG) just threw down a hefty gauntlet with its launch of next-gen machine-direction-oriented polyethylene (MDO-PE) solutions. They're pushing the envelope on what recycle-ready packaging can do, folks. Let's not mince words—other players in the field better have their game faces on. This ain't just another...

Continue Reading
Northern Jet Names Veteran Matthew Harris as CEO

Updated Category News Views 24

Fresh Leadership at Northern Jet Well, if you didn’t see this coming, you’ve been snoozing on the tarmac. Northern Jet, no stranger to the skies after three decades, just roped in Matthew Harris as their new CEO from October 2, 2026. They're pulling in this hotshot with more than 25 years riding the turbulence of private aviation. And listen to this: his marching...

Continue Reading
Epic Political Thriller Explores Humanity's Future

Updated Category News Views 5

Adams' Provocative Debut Asks Timeless Questions Sometimes life throws a philosophical curveball, and that's exactly what John C. Adams has done with his debut novel, The Third Phase. This isn't your average political yarn—it's an intricate tapestry intertwining political intrigue, deep spiritual inquiry, and hearty doses of classic philosophy. A Whirlwind Journey...

Continue Reading
Community Banks Missing $106B Lending Opportunity?

Updated Category News Views 14

A Missed Opportunity for Community Banks It's a classic tale: community banks sleepwalking while big players snatch up low-hanging fruit right in their own backyards. According to the latest report by Cornerstone Advisors, commissioned by Teslar Software, these banks are essentially leaving $106 billion on the table when it comes to consumer lending. That's not just chump...

Continue Reading
Pushing for National Liver Cancer Awareness in 2026

Updated Category News Views 11

The Urgency of Liver Cancer Awareness Death doesn’t wait, does it? When liver cancer is the villain in question, every moment becomes precious because this beast doesn’t roar until it’s too late. Here we are in 2026, staring at nearly 31,000 annual deaths in the U.S. alone. But hope flickers with a new congressional resolution aiming to slap a bright spotlight on...

Continue Reading
Cala Launches Game-Changer Wearable for Tremor Relief

Updated Category News Views 10

Breaking New Ground in Neuromodulation Medical tech's on a roll, and Cala Health just hopped on the fast track with their latest launch—the Cala kIQ Plus System. This bad boy is aiming to offer relief for those grappling with hand tremors, thanks to its FDA clearance and a host of new features. It's the first of its kind, combining multiple therapy modes with an...

Continue Reading
Truss Financial Tackles Home Equity Closing Delays

Updated Category News Views 18

Truss Financial Group's Bold Move Against Closing Delays In real estate, time is money. Even the most casual market observer could tell you delays can slice through a deal like a hot knife through butter. That's the headache home equity borrowers face, blindsided by closing delays that sneak up on them without warning. An Industry Bottleneck Finally Addressed Enter Truss...

Continue Reading
Dentistry.One Achieves HITRUST i1, Boosts Cybertrust

Updated Category News Views 7

HITRUST i1 Certification: The Gold Standard in Security For a world increasingly reliant on digital infrastructure, cybersecurity certification is no longer just a badge of honor; it's a cornerstone of trust. Dentistry.One nailed this down by bagging that coveted HITRUST i1 certification. When folks talk about securing data, HITRUST might as well be speaking gospel. We're...

Continue Reading
Purina Institute Highlights Nutritional Science at WSAVA 2026

Updated Category News Views 13

A Global Stage for Pet Nutrition Science The folks over at the Purina Institute are back in the spotlight as they gear up to throw their weight behind the 51st World Small Animal Veterinary Association (WSAVA) Congress in Warsaw, Poland. Set for October 13-15, 2026, this isn’t just another event—they're bringing some serious clout with their 'Food for Thought'...

Continue Reading

Top 5 Most Recently Viewed Articles

Exploring the Future of Generative AI Chipset Market Growth

Updated Category News Views 197

Generative AI Chipset Market Size Analysis The Generative AI Chipset Market is experiencing remarkable growth as the demand for high-performance AI hardware accelerates across various industries. Currently valued at approximately USD 37.29 billion in 2023, the market is anticipated to reach an impressive USD 454.50 billion by 2032, representing a staggering compound...

Continue Reading
Exciting Advances in AVIM Therapy for Blood Pressure Management

Updated Category News Views 185

Orchestra BioMed Innovates with AVIM Therapy Data Orchestra BioMed Holdings, Inc. (NASDAQ: OBIO) has shared significant clinical data regarding their atrioventricular interval modulation (AVIM) therapy at a recent conference. These findings indicate that patients experiencing uncontrolled hypertension can benefit from sustained blood pressure reductions over extended...

Continue Reading
Essential Water Safety Tips for a Fun Independence Day

Updated Category News Views 183

Prioritizing Water Safety This Independence Day As summer kicks into high gear, families across the nation are excited to celebrate Independence Day with festivities that often include backyard barbecues and poolside parties. However, it's crucial to prioritize water safety during this time. Aqua-Tots Swim School emphasizes the significance of practicing safety protocols...

Continue Reading
Understanding Total Voting Rights for ProVen Growth and Income VCT

Updated Category News Views 148

Understanding Total Voting Rights for ProVen Growth and Income VCT ProVen Growth and Income VCT plc provides essential insights regarding its voting rights structure. This information is crucial for shareholders as it influences their decision-making and understanding of their ownership stakes in the company. Summary of Voting Rights As of June 30, the Company reports a...

Continue Reading
MIAX Exchange Group Reports Thriving Trading Activity

Updated Category News Views 155

Miami International Holdings: A Leader in Trading Volume Miami International Holdings, Inc. (MIH) stands out as a technology-driven pioneer in the realm of regulated financial markets across various asset classes. This report shares the trading performance of the MIAX Exchange Group subsidiaries, namely MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire, for the recent...

Continue Reading