EXHIBIT 99.1


FOR IMMEDIATE RELEASE


ELITE PHARMACEUTICALS ANNOUNCES CONVERSION OF ALL OUTSTANDING SERIES A PREFERRED
                            STOCK INTO COMMON STOCK

NORTHVALE,  N.J.- MARCH 9, 2005 - ELITE  PHARMACEUTICALS,  INC.  ("ELITE" OR THE
"COMPANY")  (AMEX:  ELI) ANNOUNCED THAT ALL THE ORIGINALLY ISSUED 516,558 SHARES
OF ITS SERIES A PREFERRED  STOCK HAS BEEN CONVERTED INTO SHARES OF COMMON STOCK.
THE  CONVERSION  RATE FOR EACH SHARE OF SERIES A  PREFERRED  STOCK  EQUALED  TEN
SHARES OF  COMMON  STOCK  PLUS A  FRACTION  OF A SHARE TO  SATISFY  THE  ACCRUED
DIVIDEND ON THE SERIES A PREFERRED  STOCK UNTIL THE DATE OF CONVERSION  BASED ON
THE PER SHARE LIQUIDATION PREFERENCE OF THE SHARES OF SERIES A PREFERRED STOCK.

The final conversion was of the outstanding 173,675 shares of Series A Preferred
Stock pursuant to the Certificate of Incorporation provision which provides that
all outstanding shares may be automatically converted upon notice by the Company
to the holders when the current market price,  as defined in the  Certificate of
Incorporation,  for each of thirty  consecutive  trading days was at least $3.69
per share, three times the conversion rate, and the average of the daily trading
volume for such 30 consecutive trading days was at least 50,000 shares.

As a result there were 17,742,354 shares of Common Stock outstanding as of March
7, 2005.

Mr. Bernard Berk, Chairman and Chief Executive Officer, said that the conversion
of the remaining  shares of Series A Preferred Stock relieves the Company of the
dividend  requirement  of 8% per  annum on the per  share  liquidation  value of
$12.30 which, based on the 173,675 shares outstanding on March 7, 2005, amounted
to $170,896 per annum. The conversion also eliminates special voting rights with
respect  to  certain  corporate  actions  to which the  holders  of the Series A
Preferred Stock were entitled,  however, the holders of Series A Preferred Stock
outstanding  as of February 15, 2005,  the record date for the Annual Meeting of
Stockholders  scheduled to be held on April 15, 2005,  will be entitled to elect
one  Director and will vote with the holders of Common Stock as one class on all
other  matters  including  the  election  of the three  other  Directors  of the
Company.


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  using its proprietary  technology and
licenses these products.  The Company's  strategy  includes  developing  generic
versions of  controlled  release drug  products  with high barriers to entry and
assisting  partner companies in the life cycle management of products to improve
off-patent drug products.  Elite's  technology is applicable to develop delayed,
sustained or targeted release pellets, capsules,  tablets, granules and powders.
Elite has a pipeline of six drug products under  development in the  therapeutic
areas that include cardiovascular,  pain management,  allergy and infection. The
addressable  market for Elite's pipeline of products  exceeds $2 billion.  Elite
also  has 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
product efficacy and product development,  that 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. 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 the  Company's  filings with the
Securities  and Exchange  Commission  such as the 10K,  10Q and 8K reports.  The
Company undertakes no obligation to update any forward-looking statements.

Contacts
Elite Pharmaceuticals, Inc.
Dianne Will, 518-398-6222,  dwill@willstar.net
www.elitepharma.com