SOURCE: RxElite, Inc.

July 14, 2008 11:34 ET

RxElite Enters Into a Development, Supply and Marketing Agreement for the Manufacture of an Ophthalmic Solution

MERIDIAN, ID--(Marketwire - July 14, 2008) - RxElite, Inc. (OTCBB: RXEI) today announced the signing of a ten-year development, supply and marketing agreement with Hi-Tech Pharmacal Co., Inc., a manufacturer and marketer of liquid generic products.

Under the terms of the agreement, RxElite will be responsible for the exclusive U.S. supply of active pharmaceutical ingredient to be used in the manufacture of the generic ophthalmic product. The active pharmaceutical ingredient will be manufactured by RxElite's wholly owned subsidiary, FineTech Pharmaceuticals Ltd., at their production facility in Nesher, Israel. Hi-Tech Pharmacal will be responsible for the development of the finished dose formulation, regulatory filing, and manufacturing, as well as marketing the ophthalmic product. Upon commercialization, the parties will share net proceeds from the sale of the product.

Rick Schindewolf, RxElite's Senior Vice President of Business Development, stated, "This partnership reflects RxElite's continued drive to realize value from our acquisition of FineTech and its rich product portfolio. We look forward to working closely with Hi-Tech Pharmacal on this project and future projects."

About RxElite, Inc.

RxElite, Inc. develops, manufactures, and markets generic prescription drug products in specialty generic markets. These markets include products in the areas of anesthesia, sterile liquid dose drugs (including respiratory inhalation drugs, ophthalmics, and injectable drugs), complex active pharmaceutical ingredients, and other specialty areas.

About Hi-Tech Pharmacal Co., Inc.

Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing branded and generic prescription and OTC products for the general healthcare industry. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products. The Company's Health Care Products Division is a leading developer and marketer of branded prescription and OTC products for the diabetes marketplace.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

Contact Information

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    Ric Tener
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