SOMERSET, N.J., Aug. 23, 2007 (PRIME NEWSWIRE) -- Novel Laboratories, LLC, the generic drug joint venture company formed by VGS Pharma, LLC and Elite Pharmaceuticals (AMEX:ELI), announced the filing of Novel's first Abbreviated New Drug Application (ANDA) with the U.S. Food and Drug Administration (FDA).
Novel Laboratories is a specialty pharmaceutical company focusing on the development and manufacturing of generic pharmaceuticals with high barriers to entry. The company is headed by CEO Veerappan Subramanian, Ph.D., an industry veteran. Dr. Subramanian was the founder and Chief Executive Officer of Kali Laboratories, Inc., a specialty generic pharmaceutical company, which was acquired by Par Pharmaceuticals in 2004. Prior to founding Kali Labs, Veerappan was Vice President of Scientific Affairs at Zenith Laboratories from 1990 until 1996.
Dr. Subramanian stated, "We are pleased to have filed our first ANDA and have achieved this milestone within nine months after Novel's formation in December 2006. Novel currently has a robust generic product pipeline under development and we look forward to filing additional ANDA's before year end."
Forward-looking statements (statements which are not historical facts) in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not promises or guarantees and investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to the impact of competitive products and pricing, product demand and market acceptance, new product development, the regulatory environment, including without limitation, reliance on key strategic alliances, availability of raw materials, fluctuations in operating results and other results and other risks detailed from time to time in the Elite's filings with the Securities and Exchange Commission. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements which speak only as of the date made. Novel Laboratories or Elite is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.