Elite Wins FDA Nod

With the problem of opioid-related deaths becoming an even bigger concern, companies and products fighting such addiction certainly deserve attention.

Northvale, New Jersery-based Elite Pharmaceuticals, Inc. (OTC:ELTP) is a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products.

The company came out Thursday with the news of approval from the U.S. Food and Drug Administration for an Abbreviated New Drug Application for a generic version of Tylenol® with Codeine (acetaminophen and codeine phosphate) 300mg/15mg, 300mg/30mg, and 300mg/60mg tablets.

Elite is a specialty pharmaceutical company which is developing a pipeline of proprietary pharmacological abuse-deterrent opioid products as well as niche generic products. Elite specializes in oral sustained and controlled release drug products which have high barriers to entry.

Shares in ELTP popped 67-100ths of a cent, or 9.1%, to eight cents, on volume of 753,000.