Elite Pharmaceuticals, Inc. (OTCBB:ELTP) reached up 28.57% in morning trading to $.09 with 700K shares traded. Elite Pharmaceuticals, Inc. develops oral sustained and controlled release products. Elite's strategy includes assisting partner companies in the life cycle management of products, to improve off-patent drug products, and developing generic versions of controlled release drug products with high barriers to entry. Elite has four ANDA products partnered with TAGI Pharma; one ANDA has launched, two ANDAs are in the process of a manufacturing site transfer and an additional ANDA is currently under review by the FDA. Elite also manufactures Lodrane D(R) and receives royalties for Lodrane D(R), an allergy product partnered with ECR Pharmaceuticals ("ECR"), a wholly owned subsidiary of Hi-Tech Pharmacal ("Hi-Tech").
Elite's lead pipeline products, ELI-216, a once-daily abuse resistant oxycodone, and ELI-154, a once-daily oxycodone, are novel sustained release oral formulations of opioids for the treatment of chronic pain, which address two of the limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential abuse. Elite also has partnered with MikahPharma to develop a new product and with Hi-Tech Pharmacal to develop an intermediate for a generic product. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. Elite Pharmaceuticals, Inc. (OTCBB:ELTP) announced today that it has entered into a securities purchase agreement with Socius CG II, Ltd., a subsidiary of Socius Capital Group ("Socius"). Socius, based in New York and Los Angeles, has an impressive record of making investments in emerging life sciences companies.
THQ Inc. (NASDAQ: THQI) reached up 10.74% in morning trading to $.8416 with 450K shares traded. THQ Inc. is a leading worldwide developer and publisher of interactive entertainment software. The company develops its products for all popular game systems, personal computers, wireless devices and the Internet. Headquartered in Los Angeles County, California, THQ sells product through its global network of offices located throughout North America, Europe and Asia Pacific. More information about THQ and its products may be found at www.thq.com. THQ Inc. (NASDAQ: THQI) and the Ultimate Fighting Championship® organization today announced availability of the first downloadable workout pack for UFC® Personal Trainer: The Ultimate Fitness System, the popular interactive fitness product released earlier this year.
Cano Petroleum, Inc. (NYSE Amex: CFW) reached up 27.14% in morning trading to $.089 with 200K shares traded. Cano Petroleum was founded in 2004 by Jeff Johnson, an oil and gas entrepreneur with a finance background and a keen observer of the oil and gas industry. Mr. Johnson saw the opportunity to capitalize on oil and gas market conditions by acquiring mature U.S. oil fields and applying state–of–the–art recovery techniques to increase and accelerate production. In 2004, he secured $8.75 million in startup capital to develop Cano. On December 30, 2011, Cano Petroleum, Inc. (NYSE Amex: CFW) (“Cano”) announced that it was unable to file its quarterly report on Form 10-Q for the quarter ended September 30, 2011 within the time frame previously announced in its press release on December 23, 2011 due to unforeseen delays. Cano estimates that it will file its quarterly report on or before January 20, 2012.
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