Elite Pharmaceuticals, Inc. (AMEX:ELI) today announced an agreement between its wholly owned subsidiary, Elite Laboratories, Inc., and Purdue Pharma L.P. through which Elite grants Purdue the exclusive right to evaluate certain Elite abuse resistance drug formulation technology and an exclusive option to negotiate a license to develop and commercialize oxycodone products under the Elite technology. Elite’s proprietary abuse resistance technology is designed to discourage and reduce abuse of narcotic analgesic medications by making the products more difficult to abuse when crushed, damaged or otherwise manipulated. The agreement reflects Purdue’s commitment to explore all practical options to expedite the delivery of an abuse resistant opioid medication to the marketplace. Terms of the agreement were not disclosed.
