Elite Commences Quotation On OTC Bulletin Board Under Ticker Symbol ELTP

• Press Release
• Source: Elite Pharmaceuticals, Inc
• On 8:02 am EDT, Thursday May 21, 2009

NORTHVALE, N.J., May 21, 2009 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite") (previously (NYSE Amex Equities:ELI) and now (OTCBB:ELTP - News) announced that effective today, the Company's common stock will begin trading on the over-the-counter markets under the symbol ELTP.OB on the OTC Bulletin Board.

Related Quotes

Symbol	Price	Change
ELTP.OB	0.09	0.00

{"s" : "eltp.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""}

As previously announced, Elite believes commencing the quotation of its common stock on the OTC Bulletin Board is an important step in its continuing efforts to reduce costs. This change is also an obligation under the Strategic Alliance Agreement executed between Elite and Epic Pharma earlier this year.

The OTCBB market is a regulated quotation service that displays real-time quotes, last-sale prices and volume information for over 3,000 companies. This move to the OTCBB market does not affect the Company's business operations and will not change its SEC reporting requirements.

About Elite Pharmaceuticals, Inc.

Elite 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. Two of Elite's products, Lodrane 24(r) and Lodrane 24D(r), are marketed by a partner, ECR Pharmaceuticals, for allergy treatment. Elite's lead pipeline products are novel sustained release oral formulations of oxycodone 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. Both products, ELI-216, a once-daily abuse resistant oxycodone, and ELI-154, a once-daily oxycodone, are in late-stage development. Elite, with partners, also has an ANDA filed with the FDA for a generic equivalent of a pain product and has a generic gastrointestinal drug product in clinical development. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.

This news release contains forward-looking statements, including those related to the preliminary nature of the clinical program results and the potential for further product development, that involve known and unknown risks, delays, uncertainties and other factors not under the control of Elite, which may cause actual results, performance or achievements of the companies to be materially different from the results, performance or other expectations implied by these forward-looking statements. In particular, because substantial future testing will be required prior to approval, the results described above may not be supported by additional data or by the results of subsequent trials. These risks and other factors, including the timing or results of pending and future clinical trials, regulatory reviews and approvals by the Food and Drug Administration and other regulatory authorities, and intellectual property protections and defenses, are discussed in Elite's filings with the Securities and Exchange Commission such as the 10K, 10Q and 8K reports. Elite undertakes no obligation to update any forward-looking statements.

Elite Pharmaceuticals, Inc.
Investor Relations
Dianne Will
518-398-6222
Dianne@elitepharma.com
www.elitepharma.com