SOURCE: RxElite, Inc.

June 05, 2008 14:16 ET

RxElite, Inc. Announces $5,000,000 Financing Agreement With NPIL Pharma Inc.

MERIDIAN, ID--(Marketwire - June 5, 2008) - RxElite, Inc. (OTCBB: RXEI), a developer, manufacturer, and marketer of specialty generic prescription drug products, today announced it has entered into an agreement with NPIL Pharma Inc. (N.Pharma) to fund up to $5,000,000 through a secured subordinated debt agreement, of which $3,000,000 was advanced to RxElite at Closing.

"This investment by N.Pharma will allow us to maintain our strong momentum in our Sevoflurane business through continued investment in anesthetic vaporizers and implementation of key customer contracts," stated Jonathan Houssian, CEO and founder of RxElite.

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 NPIL Pharma Inc.

With assets across North America, UK and India, NPIL Pharma offers development and commercial scale manufacture services in both API and Formulations.

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.

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