NORTHVALE, N.J, Jan. 23, 2008 (PRIME NEWSWIRE) -- Elite Pharmaceuticals, Inc. (AMEX:ELI), a leading drug delivery, specialty pharmaceutical company focused primarily on producing proprietary abuse resistant, extended release pain compounds, today announced that it has retained The Global Consulting Group as the company's strategic investor and media relations counsel.
Bernard Berk, Elite's Chairman and CEO stated, "With our innovative approach to pain management, we are at a pivotal point in research and development as we enter into late stage clinical trials with the company's two lead pain products. We selected The Global Consulting Group based on their broad experience with specialty pharmaceutical companies, and their proven track record of enhancing visibility and shareholder value for such clients. We believe they can help us communicate effectively as we move towards commercialization."
Leslie Wolf-Creutzfeldt, Managing Director, The Global Consulting Group, said, "We are very pleased to work with Elite Pharmaceuticals. Given our expertise and relationships in the healthcare sector we believe we can bring Elite's exciting story to the attention of a much larger audience and help them to maximize shareholder value."
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals is a specialty pharmaceutical company principally engaged in the development and manufacturing of oral controlled-release products. The Company's strategy includes developing generic versions of controlled release drug products with high barriers to entry and assisting partner companies in the life cycle management of products to improve off-patent drug products. Elite's technology is applicable to develop delayed, sustained or targeted release capsules or tablets. Elite has two products currently being sold commercially and a pipeline of seven drug products under development in the therapeutic areas that include pain management, allergy and infection. The addressable market for Elite's current pipeline of products exceeds $6 billion. Elite formed, together with VGS Pharma, LLC, Novel Laboratories, Inc., as a separate specialty pharmaceutical company for the research, development, manufacturing, licensing and acquisition of specialty generic pharmaceuticals. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
About The Global Consulting Group, Inc.
The Global Consulting Group, a wholly owned subsidiary of Huntsworth PLC (LSE:HNT), is headquartered in New York, with offices in Brussels, Edinburgh, London, Los Angeles, Istanbul, Madrid, Moscow, Sacramento, Shanghai, and Tel Aviv. The firm focuses on providing services to privately held and publicly traded corporate clients in the areas of investor relations/financial communications, corporate communications, and public affairs. Additional information may be found at www.hfgcg.com.
This news release contains forward-looking statements, including those related to the preliminary nature of the clinical program results and the potential for further product development, that involve known and unknown risks, delays, uncertainties and other factors not under the control of the Company, which may cause actual results, performance or achievements of the companies to be materially different from the results, performance or other expectations implied by these forward-looking statements. In particular, because substantial future testing will be required prior to approval, the results described above may not be supported by additional data or by the results of subsequent trials. These risks and other factors, including 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 such as the 10K, 10Q and 8K reports. The Company undertakes no obligation to update any forward-looking statements.