Exhibit 99.1

March 09, 2004 11:21 AM US Eastern Timezone

ELITE PHARMACEUTICALS ANNOUNCES EXTENSION OF B WARRANTS

NORTHVALE,  N.J.--(BUSINESS  WIRE)--March 9, 2004--Elite  Pharmaceuticals,  Inc.
("Elite" or the "Company")  (AMEX:  ELI) which  develops  generic and brand-name
oral pharmaceuticals  applicable to delayed,  sustained,  targeted and pulsatile
release  tablets and capsules,  announced today that it's Board of Directors has
authorized an extension of the  expiration of the Company's  Class B Warrants to
coincide with the expiration of the Company's  Class C Warrants.  This extension
will extend the  expiration  date of the Class B Warrants  from June 23, 2004 to
November 30, 2005.  The  exercise  price of the Class B Warrants  will remain at
$5.00 per share.

There are currently 681,002 Class B Warrants  outstanding.  The Company plans to
file a  registration  statement,  with the  Securities  Exchange  Commission  to
register the shares of the Company's  Common Stock issuable upon exercise of the
Class B Warrants. Bernard Berk, CEO of Elite stated, "The Company's extension of
the expiration of the Class B Warrants  shows our commitment to those  investors
who were involved in the Company's past financing efforts."

About Elite Pharmaceuticals

Elite Pharmaceuticals is a specialty  pharmaceutical company principally engaged
in the development of oral, controlled release (CR) products.  Elite develops CR
products  internally and licenses CR products using its proprietary  technology.
The  Company's  strategy  includes  developing CR versions of generic drugs with
high barriers to entry and assisting in the life cycle management of products to
improve off patent drugs.  Elite's  technology is applicable to develop delayed,
sustained or targeted release pellets,  capsules,  tablets, granules and powders
for  NDA  or  ANDA  submission.  Elite  has a  pipeline  of six  products  under
development in the therapeutic areas that include cardiovascular,  pain, allergy
and  infection.  Elite also has a GMP and DEA approved  facility for  commercial
scale manufacturing in Northvale, NJ.

This release contains forward-looking statements which involve known and unknown
risks, delays,  uncertainties and other factors not under the Company's control,
which may cause actual results, performance or achievements of the Company to be
materially different from the results, performance or other expectations implied
by these forward-looking statements. These factors include results of current or
pending  research  and  development  activities,  actions  by the FDA and  other
regulatory authorities, and those factors detailed in the Company's filings with
the Securities and Exchange Commission such as 10K, 10Q and 8K reports.

Contacts:
Investor Relations for Elite Pharmaceuticals, Inc.
Dianne Will, Phone: 518-398-6222
E-Mail: dwill@willstar.net
Website: www.elitepharma.com