Elite, Orit enter into agreement to commercialize anxiety drug

By Lisa Kerner

Erie, Pa., Jan. 12 - Elite Pharmaceuticals, Inc. entered into a development and commercialization agreement with Orit Laboratories, LLC. The companies will co-develop and commercialize an extended release drug product for the treatment of anxiety, according to a company news release.

This is Elite's fourth strategic partnership and its second with Orit in the last 12 months.

"This development agreement expands Elite's diversified research and development portfolio of controlled release products which address niche segments of the market and include, pain, allergy anti-invectives, cardiovascular and now anxiety," Bernard Berk, chairman and chief executive officer of Elite said in the release.

The agreement is consistent with Elite's strategy to develop highly specialized difficult-to-formulate products, which have limited competition.

Elite Pharmaceuticals, based in Northvale, N.J., is a specialty pharmaceutical company principally engaged in the development of oral, controlled release products.

Orit Laboratories is a specialty pharmaceutical product development company with headquarters in West Caldwell, N.J.

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