Shares of Elite Pharmaceuticals Inc., a specialty pharmaceutical company, soared in yesterday’s trading after the company, along with ECR Pharmaceuticals, announced the launch of Lodrane D®, an immediate release formulation of brompheniramine maleate and pseudophedrine HCI.
The product will be manufactured by Elite, and promoted and distributed by ECR in the U.S. It will be available over-the-counter. Elite will be entitled to revenues for the manufacturing, packaging and laboratory study services of the product, as well as royalties on sales. With the U.S. allergy market currently estimated at $3.5 billion, the product has huge potential.
Jerry Treppel, chairman and CEO of Elite, said that Elite and ECR worked diligently to provide a Lodrane product to U.S. consumers. Treppel further said that with the launch, the company looks forward to rebuilding the important allergy-relied franchise. He added that the company will continue to build and leverage its technologies through its product pipeline, partnerships and ventures as it continues to systematically meet the milestones it has set.
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