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ELTP
Elite Pharmaceuticals, Inc.

Common Stock

0.74

0.068

10.12%

0.7351 / 0.7445 (6000 x 2290)

Real-Time Best Bid & Ask: 05:00pm 06/16/2025
Delayed (15 Min) Trade Data: 03:59pm 06/16/2025

Elite Pharmaceuticals, Inc.

165 Ludlow Avenue

Northvale, NJ 07647

Principal Executive Offices:

165 Ludlow Avenue

Northvale, NJ 07647

Business Description
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops, manufactures, and distributes niche generic products. Elite's product lines consist of immediate-release and controlled-release, solid oral dose products, which are marketed under the Elite Laboratories label, as well as pursuant to licenses granted to third-party pharmaceutical marketing and distribution organizations. Elite operates a cGMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. For more information, visit www.elitepharma.com.
Financial Reporting
Reporting Status
U.S. Reporting: SEC Reporting
Audited Financials
Audited
Latest Report
CIK
0001053369
Fiscal Year End
3/31
Company Officers & Contacts
Nasrat Hakim
CEO, President, Other

Mr. Hakim has more than 30 years of pharmaceutical and medical industry experience in Quality Assurance, Analytical Research and Development, Technical Services and Regulatory Compliance. He brings with him proven management experience, in-depth knowledge of manufacturing systems, development knowledge in immediate and extended-release formulations and extensive regulatory experience of GMP and FDA regulations. From 2004 to 2013, Mr. Hakim was employed by Actavis, Watson and Alpharma in various senior management positions. Most recently, Mr. Hakim served as International Vice President of Quality Assurance at Actavis, overseeing 25 sites with more than 3,000 employees under his leadership. Mr. Hakim also served as Corporate Vice President of Technical Services, Quality and Regulatory Compliance for Actavis U.S., Global Vice President, Quality, and Regulatory Compliance for Alpharma, as well as Executive Director of Quality Unit at TheraTech, overseeing manufacturing and research and development. In 2009, Mr. Hakim founded Mikah Pharma, LLC, a virtual, fully functional pharmaceutical company. Mr. Hakim holds a Bachelor's in Chemistry/Bio-Chemistry and Masters of Science in Chemistry from California State University at Sacramento, Sacramento, CA; a Master in Law from St. Thomas University, School of Law, Miami, FL.; and a Graduate Certification in Regulatory Affairs (RAC) from California State University at San Diego, San Diego, CA.

Carter J. Ward
CFO, Company Secretary, Treasurer

Mr. Ward joined Elite in September 2023 as Chief Financial Officer, Secretary and Treasurer. Mr Ward previously served as the Company's Chief Financial Officer from July 2009 through May 2021. Mr. Ward has over 30 years of industry experience, most recently as chief financial officer of Mirror Biologics, Inc., a privately held life science company and before that as chief financial officer of Enveric Biosciences, Inc., a publicly traded biotech company. Prior to Mr. Ward's initial tenure with the Company, Mr. Ward filled multiple finance and supply chain leadership roles with the Actavis Group and its U.S. subsidiary, Amide Pharmaceutical, Inc. and was also a consultant for Centennial Communications Corp., a Nasdaq-listed wireless communications provider where he was engaged in improving internal controls and supporting Sarbanes-Oxley compliance. Mr. Ward began his career as a certified public accountant in the audit department of KPMG and holds a Bachelor of Science in accounting from Long Island University in Brooklyn, N.Y, graduating summa cum laude.

Doug Plassche
EVP, Ops.

Doug Plassche, a Certified Six Sigma Black Belt, joined Elite in August 2013 and brings with him more than 23 years of pharmaceutical industry experience. From 2009 to 2013, Mr. Plassche was employed by Actavis as Managing Director of the New Jersey Solid Oral Dose Operations, overseeing 450 employees and the production of more than 100 products. From 2007 to 2009, Mr. Plassche was Senior Director of Manufacturing for PAR Pharmaceuticals overseeing 200 employees and the production of more than 70 products. From 1990 - 2007, he was employed by Schering-Plough progressing steadily through multiple disciplines, locations and technical operations sectors with increasing levels of responsibility.

Kirko Dimitrov Kirkov
CCO

Mr. Kirkov joins Elite as an accomplished and multi-faceted leader with more than twenty years of in-depth business development skills across international pharmaceutical organizations. Before joining the Registrant, Mr. Kirkov served as General Manager of Vertice Pharma, a specialty generics pharmaceutical company, from February 2020 to present. From April 2008 to February 2020, Mr. Kirkov was employed by Sandoz and served in positions of increasing responsibilities beginning with Country Head & Managing Director of Bulgaria from 2008 to 2011. From 2011 to 2013, Mr. Kirkov served as Sandoz's Business Unit Head, Branded Prescription Generics in Russia, and most recently, from January 2013 to February 2020, served as Sandoz's Executive Director, Commercial Operations. Mr. Kirkov brings with him a broad range of experience in the areas of business development, operationalization of commercial strategy, and implementation of retail and wholesale channel sales operations, having overseen sales portfolios consisting of 400+ product families, and 1500+ SKUs covering both generic and branded products. Mr. Kirkov has a Bachelor of Science in Mechanical Engineering / Engineering Management from the University of Ottawa, two Masters of Science degrees respectively in Naval Architecture and Ocean Systems Management from the Massachusetts Institute of Technology, a Masters of Science in Applied Positive Psychology and Coaching from the University of East London, and an MBA from the University of Durham.

Board of Directors
Nasrat Hakim
Chairman, Audit Committee Member, Compensation Committee Member, Nominating Committee Member

Mr. Hakim has more than 30 years of pharmaceutical and medical industry experience in Quality Assurance, Analytical Research and Development, Technical Services and Regulatory Compliance. He brings with him proven management experience, in-depth knowledge of manufacturing systems, development knowledge in immediate and extended-release formulations and extensive regulatory experience of GMP and FDA regulations. From 2004 to 2013, Mr. Hakim was employed by Actavis, Watson and Alpharma in various senior management positions. Most recently, Mr. Hakim served as International Vice President of Quality Assurance at Actavis, overseeing 25 sites with more than 3,000 employees under his leadership. Mr. Hakim also served as Corporate Vice President of Technical Services, Quality and Regulatory Compliance for Actavis U.S., Global Vice President, Quality, and Regulatory Compliance for Alpharma, as well as Executive Director of Quality Unit at TheraTech, overseeing manufacturing and research and development. In 2009, Mr. Hakim founded Mikah Pharma, LLC, a virtual, fully functional pharmaceutical company. Mr. Hakim holds a Bachelor's in Chemistry/Bio-Chemistry and Masters of Science in Chemistry from California State University at Sacramento, Sacramento, CA; a Master in Law from St. Thomas University, School of Law, Miami, FL.; and a Graduate Certification in Regulatory Affairs (RAC) from California State University at San Diego, San Diego, CA.

David S. Caskey
Independent Director, Audit Committee Member, Compensation Committee Member, Nominating Committee Member

Davis Caskey brings more than 40 years of pharmaceutical industry experience to this position. From 1990 until 2013, Mr. Caskey was employed by ECR Pharmaceuticals (“ECR”), a venture that was founded in 1990 and was acquired by Hi-Tech Pharmacal Co., Inc. in March 2009, where he served as the operating officer. Upon leaving ECR, Mr. Caskey formed Caskey LLC, an umbrella company to provide consulting services to the pharmaceutical industry and for the management of other business interests. While at ECR, Mr. Caskey was credited with the establishment of ECR’s sales and marketing structure, its product distribution format, and management of the firm’s internal organization. His responsibilities included the oversight of drug development and regulatory filings. A primary focus was to conceive and develop, with the assistance of key strategic partners, extended release formulations of products which enhance patient compliance and safety. Prior to ECR, Mr. Caskey was employed by A.H. Robins for 18 years. His experience brings critical insight into the marketing and distribution of pharmaceutical products in a rapid and ever changing competitive marketplace. Mr. Caskey attended the University of Texas (Austin) and Lamar University, and holds bachelor’s and master’s degrees.

Barry Dash
Independent Director, Audit Committee Member, Compensation Committee Member, Nominating Committee Member

Dr. Barry Dash has served as a Director since April 2005, a Member of the Audit Committee since April 2005, a Member of the Nominating Committee since April 2005 and a Member of the Compensation Committee since June 2007. Dr. Dash has been since 1995 President and Managing Member of Dash Associates, L.L.C., an independent consultant to the pharmaceutical and health industries. From 1983 to 1996 he was employed by American Home Products Corporation (now known as Wyeth) its Whitehall-Robins Healthcare Division, initially as VP of Scientific Affairs, then Senior VP of Scientific Affairs and then Senior VP of Advanced Technologies during which time he personally supervised six separate departments: Medical and Clinical Affairs, Regulatory Affairs, Technical Affairs, Research and Development, Analytical R&D and Quality Management/Q.C. Dr. Dash had been employed by the Whitehall Robins Healthcare Division from 1960 to 1976, during which time he served as Director of Product Development Research, Assistant Vice President of Product Development and Vice President of Scientific Affairs. Dr. Dash had been employed by J.B. Williams Company (Nabisco Brands, Inc.) from 1978 to 1982. From 1976 to 1978 he was Vice President, Director of Laboratories of the Consumer Products Division of American Can Company. He currently serves on the board of GeoPharma, Inc. (NASDQ: GORX) Dr. Dash holds a Ph.D. from the University of Florida and M.S. and B.S. degrees from Columbia University.

Jeffrey Whitnell
Independent Director, Audit Committee Member, Compensation Committee Member

Jeffrey Whitnell has served as a Director since October 23, 2009, Chairman of the Audit Committee, member of the Compensation Committee since October 2009 and designated by the Board as an “audit committee financial expert” as defined under applicable rules under the Exchange Act. Since April 2017, Mr. Whitnell has provided financial advisory services, primarily to the healthcare industry, including Southside Master, where he served as Chief Financial Officer from September 2018 to present. In 2016, Mr. Whitnell served as Vice President, Finance and Controller for LifeWatch Services and other Private Equity-backed portfolio companies. From June 2010 to March 2015, Mr. Whitnell was the Chief Financial Officer for ReliefBand Medical Technologies, a medical device company. From June 2009 to June 2010, Mr. Whitnell provided financial advisory services to various healthcare companies, including ReliefBand Medical Technologies. From June 2004 to June 2009, Mr. Whitnell was Chief Financial Officer and Senior Vice President of Finance at Akorn, Inc.Prior to 1997 through June 2004, Mr. Whitnell held various finance positions at Akzo Nobel and Motorola. Mr. Whitnell began his career as an auditor with Arthur Andersen & Co. He is a certified public accountant and holds an M.B.A. in Finance from the University of Chicago Booth School of Business and a B.S. in Accounting from the University of Illinois.

Other Company Insiders
Nasrat Hakim
Other Company Insiders are all persons or entities beneficially owning 10% or more of any class of the issuer's securities. Together, officers, directors and other company insiders comprise Company Insiders.
Service Providers
Accounting/Auditing Firm
Forvis Mazars, LLP

135 West 50th Street

New York, NY 10020

Securities Counsel
Troutman Pepper

100 SW Main St.

Suite 1000

Portland, OR 97204

Profile Data
SIC - Industry Classification
2834 - Pharmaceutical preparations
Incorporation Information
NV, US, 2012
Employees
64 as of 06/01/2024
Shell
No
Products and Services

Elite a specialty pharmaceutical company principally engaged in the development and manufacture of oral, controlled-release generic products, using proprietary know-how and technology. Our strategy includes improving off-patent drug products for life cycle management, developing generic versions of controlled-release drug products with high barriers to entry and exploiting our proprietary and patented abuse resistance technologies. We occupy manufacturing, warehouse, laboratory and office space at 165 Ludlow Avenue and 135 Ludlow Avenue in Northvale, NJ (the “Northvale Facility”). The Northvale Facility operates under Current Good Manufacturing Practice (“cGMP”) and is a United States Drug Enforcement Agency (“DEA”) registered facility for research, development and manufacturing.

Company Facilities

We own a facility located at 165 Ludlow Avenue, Northvale, New Jersey (“165 Ludlow”), which contains approximately 15,000 square feet of floor space. We currently use the Facility as a laboratory, manufacturing, storage, distribution, and office space. The Company also owns the building located at 135-137 Ludlow Avenue, Northvale, NJ, which contains approximately 35,000 square feet of floor. This property is occupied by the Company’s Quality Assurance department, commercial manufacturing, packaging, and warehouse. The properties used in our operation are considered suitable for the purposes for which they are used at the time they are placed into service and are believed adequate to meet our needs for the reasonably foreseeable future.

OTCQB Venture Market Logo
Joined OTCQB 05/2015
The Company Profile data was verified by the issuer within the previous 6 months.
This security is not a Penny Stock as defined in SEC Rule 240.3a51-1.
The company’s transfer agent has verified its outstanding shares directly to OTC Markets.
The Company’s board of directors includes at least two Independent Directors.
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