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

 

June 29, 2020 (June 29, 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   (Commission   (IRS Employer
of incorporation)   File Number)   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 June 29, 2020, Elite Pharmaceuticals, Inc. ("Elite" or the “Company") filed its annual report on Form 10-K for the year ended March 31, 2020 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 Tuesday, June 30, 2020, to provide a general business update. Elite will respond to various stockholder questions submitted prior to the call.

 

Conference Call Information

 

Date: Tuesday, June 30, 2020
Time: 11:00 AM EDT
Dial-in numbers: 1-800-346-7359 (domestic)
  1-973-528-0008 (international)
Conference number: 98840
Questions:

Financial questions by 7:00 AM EDT on Tuesday, June 30, 2020

Email to: dianne@elitepharma.com

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 June 29, 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: June 29, 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 Fiscal Year Ended March 31, 2020 and

Provides Conference Call Information

 

Conference Call Scheduled for Tuesday, June 30th at 11:30 AM EDT

 

Northvale, NJ – June 29, 2020: Elite Pharmaceuticals, Inc. ("Elite" or the “Company") (OTCBB: ELTP), a specialty pharmaceutical company developing niche generic products, announced results for the fiscal year ended March 31, 2020 (“Fiscal 2020”).


Consolidated revenues for Fiscal 2020 were $18.0 million, an increase of $10.4 million or approximately 137% from the comparable period of the prior fiscal year. The increase in revenues was largely attributed to revenues from products launched during the 2020 Fiscal Year, generic immediate release Adderall®, generic extended release Adderall®, and generic Dantrolene Capsules, as well as strong growth in revenues relating to the sales of Isradipine capsules.

 

Conference Call Information

Elite's management will host a conference call to discuss the year-end 2020 financial results and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.

 

Date: June 30, 2020
Time:      11:30 AM EDT
Dial-in numbers:

1-800-346-7359 (domestic)

1-973-528-0008 (international)

Conference number: 98840
Questions:

Financial questions by 7:00 AM EDT on Tuesday, June 30, 2020

Email to: dianne@elitepharma.com

Audio Replay: https://elite.irpass.com/events_presentations

 

The financial statements can be viewed for Elite’s Fiscal Year 2020 on Form 10-K here.

 

About Elite Pharmaceuticals, Inc.

 

Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which is developing a pipeline of niche generic products. Elite specializes in oral sustained and controlled release drug products which have high barriers to entry. Elite owns generic products which have been licensed to TAGI Pharma, Glenmark Pharmaceuticals, Inc., USA., and Lannett Company, Inc. Elite currently has eleven approved generic products, three generic products filed with the FDA, one approved generic products pending manufacturing site transfer, and an NDA filed for SequestOx™. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. Learn more at www.elitepharma.com. The information found on Elite's website is not incorporated by reference into this press release and is included for reference purposes only.

 

This press 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, Elite’s 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 forward-looking statements may include statements regarding the expected timing of approval, if at all, of SequestOx™ by the FDA, and the actions the FDA require of Elite in order to obtain approval of the NDA. These forward-looking statements are not guarantees of future action or performance. These risks and other factors, including, without limitation, Elite’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 and intellectual property protections and defenses, 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 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