Elite Pharmaceuticals Inc 8-K, filed Aug 17, 2020
Elite Pharmaceuticals Inc (ELTP)
About this 8-K
Elite Pharmaceuticals Inc filed this 8-K on August 17, 2020, reporting on events of August 14, 2020.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
August 14, 2020 (August 14, 2020)
Date of Report (Date of earliest event reported)
ELITE PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 001-15697 | 22-3542636 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
165 Ludlow Avenue, Northvale, New Jersey 07647
(Address of principal executive offices)
(201) 750-2646
(Registrant’s telephone number, including area code)
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
On August 14, 2020, Elite Pharmaceuticals, Inc. ("Elite" or the “Company") filed its quarterly report on Form 10-Q for the quarter ended June 30, 20209 and, thereafter, issued a press release announcing its financial results for that quarter. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
As noted in the press release, the Company will host a conference call at 11:30 AM Eastern Daylight Time (EDT) on Monday, August 17, 2020, to provide a general business update. Elite will respond to various stockholder questions submitted prior to the call.
Conference Call Information
| Date: | August 17, 2020 |
| Time: | 11:30 AM EDT |
| Dial- in numbers: | 1-800-346-7359 (domestic) 1-973-528-0008 (international) |
| Conference number: | 98840 |
| Questions: | dianne@elitepharma.com by 7:00 PM EDT on Saturday, August 15, 2020 |
| Audio Replay: | https://elite.irpass.com/events_presentations |
| Item 7.01 | Regulation FD Disclosure. |
The information disclosed in Item 2.02 above is incorporated into
this Item 7.01. The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under
Item 2.02, "Results of Operations and Financial Condition," Item 7.01, "Regulation FD Disclosure" and Item
9.01 "Financial Statements and Exhibits" of Form 8-K. As such, the information (including the exhibit) herein shall not
be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under
the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except
as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibit hereto) will
not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements
of Regulation FD.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description |
| 99.1 | Press Release dated August 14, 2020 |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: August 14, 2020 | ELITE PHARMACEUTICALS, INC. | |
| By: | /s/ Nasrat Hakim | |
| Nasrat Hakim, President and CEO | ||
2
Exhibit 99.1
Elite Pharmaceuticals, Inc. Reports Financial Results For The First Quarter Of Fiscal Year 2021
Ended June 30, 2020 And Provides Conference Call Information
Financials for First Quarter of Fiscal Year 2021 ended June 30, 2020
will be released August 14, 2020
Northvale, NJ – August 14, 2020: Elite Pharmaceuticals, Inc. ("Elite" or the “Company") (OTCBB: ELTP), a specialty pharmaceutical company developing and manufacturing niche generic products, announced results for the first quarter of fiscal year 2021 ended June 30, 2020 (“First Quarter”).
Consolidated revenues for the First Quarter were $7.5 million, an increase of approximately 124% as compared to revenues for the
comparable quarter of the prior fiscal year. The increase in revenues was largely attributed to revenues from generic extended
release Adderall® which was launched during the First Quarter as well as increased sales of generic immediate release Adderall®,
Isradipine and Phentermine during the First Quarter as compared to the comparable period for the prior fiscal year.
Conference Call Information
Elite's management will host a conference call to discuss the first quarter financial results for fiscal year 2021 ended June 30th and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.
| Date: | August 17, 2020 |
| Time: | 11:30 AM EDT |
| Dial- in numbers: | 1-800-346-7359 (domestic) 1-973-528-0008 (international) |
| Conference number: | 98840 |
| Questions: | dianne@elitepharma.com by 7:00 PM EDT on Saturday, February 15, 2020 |
| Audio Replay: | https://elite.irpass.com/events_presentations |
The financial statements can be viewed for Elite’s Fiscal Year 2021 First Quarter Report on Form 10-Q here.
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which develops niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products which have been licensed to Lannett Company, Glenmark Pharmaceuticals, Inc. and TAGI Pharma. Elite operates a cGMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, 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, without limitation, risks, uncertainties 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 forward-looking statements may include statements regarding the expected timing of approval, if at all, of products by the FDA, and the actions the FDA may require of Elite in order to obtain such approvals. These forward-looking statements are not guarantees of future action or performance. These risks and other factors are discussed, without limitation, in Elite's filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q, and 8-K. Elite is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
www.elitepharma.com