EXHIBIT 99.1
[GRAPHIC]
ELITE
--------------------
Pharmaceuticals Inc.
ELITE PHARMACEUTICALS ENTERS INTO AN AGREEMENT WITH ORIT LABORATORIES
- COMPANY EXPANDS PRODUCT PORTFOLIO BY IN-LICENSING ORAL CONTROLLED RELEASE
GENERIC PRODUCT FOR ANXIETY -
NORTHVALE, N.J.- January 12, 2006 - Elite Pharmaceuticals, Inc. ("Elite" or the
"Company") (AMEX: ELI) has entered into a development and commercialization
agreement with Orit Laboratories, LLC ("Orit"). Elite and Orit will co-develop
and commercialize an extended release drug product for treatment of anxiety,
and, upon completion of development, may license it for manufacture and sale.
"We are very pleased to have developed this relationship with Orit Labs, a
highly regarded company in the generic drug industry," said Bernard Berk,
chairman and chief executive officer of Elite, "This development agreement
expands Elite's diversified R&D portfolio of controlled release products which
address niche segments of the market and include, pain, allergy anti-invectives,
cardiovascular, and now anxiety. This agreement is consistent with our strategy
to develop highly specialized difficult-to-formulate products, which have
limited competition. These products also may be awarded periods of market
exclusivity. This is Elite's fourth strategic partnership and second with Orit
in the last twelve months."
ABOUT ELITE PHARMACEUTICALS
Elite Pharmaceuticals is a specialty pharmaceutical company principally engaged
in the development of oral, controlled release 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 capsules or
tablets. Elite has one product currently being sold commercially and a pipeline
of eight drug products under development in the therapeutic areas that include
pain management, allergy, cardiovascular and infection. The addressable market
for Elite's current pipeline of products exceeds $4.25 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
FURTHER PRODUCT DEVELOPMENT, THAT INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS,
UNCERTAINTIES AND OTHER FACTORS NOT UNDER THE CONTROL OF ELITE OR ORIT, 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 THE ELITE'S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION SUCH AS THE 10K, 10Q AND 8K REPORTS. THE
COMPANIES UNDERTAKE NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS.
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FOR FURTHER INFORMATION, CONTACT:
Investor Relations:
The Investor Relations Group
John Nesbett/Antima "Taz" Sadhukhan
Phone: 212-825-3210
or
FOR ELITE PHARMACEUTICALS, INC.
Dianne Will, Investor Relations
Phone: 518-398-6222 E-Mail: dwill@willstar.net
Website: www.elitepharma.com