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June 10, 2014
11:16 EDTELTPElite Pharmaceuticals in $5M settlemet agreement with Novel Laboratories
Elite Pharmaceuticals entered into a settlement agreement with Novel Laboratories, Veerappan S. Subramanian, VGS Pharma and other related parties pursuant to which the 2006 Strategic Alliance Agreement and Stockholders Agreement with Subramanian and VGS were terminated and all parties executed mutual releases. In addition, the VGS Parties paid Elite $5M in exchange for 9,800 shares of Novel Class A common stock owned by Elite. This resolves all disputes and claims between Elite and the VGS Parties, including those alleged in the action commenced by Elite against the VGS Parties on April 28, 2014, and ends Elite's ownership in Novel.
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July 15, 2014
10:34 EDTELTPElite Pharmaceuticals initiates ELI-201 bioequivalence study
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