Elite Pharmaceuticals, Inc.

Purdue's exclusive option to license abuse-resistance technology has lapsed

Published in Lab Business Week, September 5th, 2004

Elite Pharmaceuticals, Inc., (ELI) announced the exclusive right to negotiate a license from Elite's wholly owned subsidiary, Elite Laboratories, Inc., for Elite's proprietary abuse-resistance technology for oxycodone, previously granted to Purdue Pharma, LP, has lapsed.

With the inaction of Purdue with respect to this option, the exclusivity granted to Purdue has terminated and Elite intends to recommence negotiations to license its proprietary abuse-resistance technology to other companies.

Bernard Berk, Elite's CEO and president, said, "Elite placed other interested parties on hold during Purdue's exclusive negotiation period and we are excited to...

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Source: Lab Business Week (2004-09-05)

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