Hoping to continue its recent surge, the once NYSE Amex listed penny stock of Elite Pharmaceuticals, Inc. (ELTP) is on radar screens across the country at present. Calling the pharmaceutical specialists a “comeback play” might be a little too aggressive, but considering that they just wrapped up their presentation at the 15th annual Rodman & Renshaw Global Investment Conference, let’s say they are still a force on the OTC markets. With 6 commercial products currently being sold, an additional product approved and soon to be launched, 11 approved products pending manufacturing site transfer and 2 additional products under review pending approval by the FDA, now could be the best time to get addicted to ELTP stock.
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ELTP Stock Quote
Market Cap: 44.30M
Friday Close: 0.1098 ▲ +0.0098 (+9.80%)
Dollar Volume: $511,741
52 Wk High: 0.143
52 Wk Low: 0.0507
Issued and Outstanding: 403,454,380
14-Day Rel Strength: 80.27%
1st Resistance Point: 0.1132
1st Support Level: 0.1033
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Elite Pharmaceuticals was smoking hot heading into Summer, 2012 up until the Company announced the issuance of U.S Patent No. 8,182,836 entitled “Abuse-Resistant Oral Dosage Forms and Method of Use Thereof.” Shares of ELTP stock had a significant run from April 1, 2012 until the announcement on May 23, 2012 when the news of their patent approval to help prevent Oxycontin abuse from the USPTO pretty much took the buzz away.
Although it hasn’t so much been a stellar year so far for Elite Pharmaceuticals, with Liabilities still outweighing Assets by about 1.6-to-1 as of June 30, 2013, the slight increase in revenues for the 3 months ended, $721,689 versus $578,556 for the same period in 2012, is a ray of hope. What’s even better is that a little over a month ago, shake ups internally may have finally been all that was needed to get this pharma company back in the fast lane.
A real good sign for investors of ELTP stock came at the start of August when the Company hired Nasrat Hakim to be their President and CEO. Hakim’s $350,000 annual salary and annual bonus equal to up to 100% of his annual salary, based upon his ability to meet certain Company milestones, will be paid in shares of ELTP stock meaning no cash will be taken away from Elite Pharmaceuticals’ day-to-day operations.
Hakim has more than 30 years of pharmaceutical and medical industry experience, 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.
Even more encouraging than his resume is that he founded Mikah Pharma LLC, a virtual, fully functional pharmaceutical company which Elite Pharmaceuticals acquired when they hired Hakim for $10,000,000 in the form of a note payable.
Mikah Pharma had a total of 13 Abbreviated New Drug Applications at the time, 12 of which were already approved by the FDA and 1 under active review. While the $10,000,000 not is subject to certain limitations, the principal amount is convertible on and after the 1st anniversary of the date of the Note, August 1, 2013, into ELTP shares at a rate of $0.07 (approximately 14,286 shares per $1,000 in principal amount).
Pretty good deal struck for a guy who graduated with a Masters in Law with Graduate Certification in U.S. Taxation from St. Thomas University, School of Law, Miami, FL.
About ELTP Stock
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company principally engaged in the development and manufacture of oral, controlled-release products, using proprietary know-how and technology, particularly as it relates to abuse resistant products.
Last 5 Trading Sessions:
Drug abuse is a big issue with “Molly” showing up in every new music video and OTC drugs getting swapped like coupons in the suburbs of America. ELTP has a pretty firm grip on what they do and their newest addition of Hakim can only help them to one-day re-list their penny stock back on the Amex if it isn’t acquired by a giant. Volume should continue taper off as the week progresses allowing those who are targeting a position in ELTP to get in for a bit less than .09.
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