Jones Lang LaSalle

Elite Bulks Up Its R&D

Northvale-based Elite Pharmaceuticals (Amex: ELI) and Orit Laboratories are coming together to develop and commercialize an extended-release drug to treat anxiety. If the drug becomes commercially viable, it may be licensed for manufacture and sale.

Elite is a specialty-pharmaceuticals company that focuses on developing generic versions of controlled-release drug products. Its technology is used to make delayed-, sustained- or targeted-release capsules or tablets. Orit Labs, which also specializes in generic drugs, is based in West Caldwell.

Elite currently has one product in the marketplace and eight drugs under development in areas such as pain management, allergy, cardiovascular and infection. The company's stock slipped a penny to $2.00 in late morning trading. - Thomas Gaudio