EXHIBIT 99.1


ELITE PHARMACEUTICALS INC. ANNOUNCES INCREASE IN AUTHORIZED SHARES OF
CAPITAL STOCK

    NORTHVALE,  N.J., July 28  /PRNewswire-FirstCall/  -- Elite Pharmaceuticals,
Inc.  (Amex:  ELI)  ("Elite")  announced  it  has  amended  its  Certificate  of
Incorporation to increase its authorized shares of capital stock from 25,000,000
shares of Common Stock to 65,000,000 shares of Common stock, par value $0.01 per
share and 5,000,000  shares of Preferred  Stock,  par value $0.01 per share. The
amendment was approved by its  stockholders  at its adjourned  Annual Meeting of
Stockholders.  The Company  stated that it has no present plans for the issuance
of the additional authorized shares but believes that the increase in authorized
shares  will  provide  it  with   flexibility  in  effecting   acquisitions  and
financings.  There are currently outstanding  12,104,423 shares of Common Stock.
Also, as reported in the Company's Annual Report on Form 10-K for the year ended
March 31,  2004,  stockholders  approved  inter  alia at the  initial  scheduled
meeting,  the  Company's  2004 Stock  Option Plan which  relates to options with
respect to 1,500,000 shares of Common Stock.

    About Elite Pharmaceuticals

    Elite  Pharmaceuticals  is a specialty  pharmaceutical  company  principally
engaged in the development of oral, controlled release products.  Elite develops
controlled  release  products  internally  and licenses  these products that use
Elite's  proprietary  technology.  The Company's  strategy  includes  developing
controlled  release  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 registered facility for 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.

     FOR FURTHER INFORMATION, CONTACT:
     For Elite Pharmaceuticals, Inc.
     Dianne Will
     Investor Relations
     518-398-6222
     dwill@willstar.net
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SOURCE Elite Pharmaceuticals, Inc.
Web Site: http://www.elitepharma.com