Elite Pharmaceuticals, Inc. (OTCBB:ELTP) announced that it has renewed its commercial Manufacturing and Supply Agreement with ThePharmaNetwork, LLC, and its wholly owned subsidiary, Ascend Laboratories, LLC (together “TPN”). Under the terms of the amended agreement, Elite will continue to perform manufacturing and packaging for TPN’s Methadone Hydrochloride, 10 mg tablets through December 31, 2014.
Elite will be compensated at an agreed upon price for the manufacturing and packaging of the products.
Jerry Treppel, Chairman and CEO of Elite commented, “We are very pleased that TPN and Elite have reached agreement on a renewed manufacturing and supply agreement for the Methadone product for an additional two years. With the completion of our packaging line and the ability to manufacture larger batch sizes, this product will now be manufactured and bottled onsite at our newly expanded facility.”