Elite Pharmaceuticals Signs an Agreement With a Private Hong Kong-Based Company to Develop a Prescription Pharmaceutical Product in the US

Elite Pharmaceuticals, Inc. ("Elite" or the "Company") /quotes/zigman/218918 ELTP -2.13% today announced that it has entered into an agreement to develop for a private Hong Kong-based company (the "Customer") a branded prescription pharmaceutical product. Under the terms of the agreement, the Customer will provide the formulation for the product and Elite will undertake a developmental program for the product. The Customer shall be responsible for the filing of the New Drug Application ("NDA") for the finished product and the NDA will be filed under the Customer's name. Upon approval of the NDA, Elite will retain certain rights to manufacture the product. The Customer will be responsible for the marketing and sales of the final product. The Customer will pay Elite milestone payments for the development work.

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