EXHIBIT 99.1


FDA ACCEPTS IND FOR ELITE PHARMACEUTICALS ONCE-DAILY
OXYCODONE PRODUCT
Tuesday January 31, 9:00 am ET

COMPANY'S SECOND IND ACCEPTANCE IN PAIN MANAGEMENT

NORTHVALE, N.J.--(BUSINESS WIRE)--Jan. 31, 2006--The FDA has accepted Elite
Pharmaceuticals, Inc.'s ("Elite" or the "Company") (Amex: ELI - NEWS)
Investigational New Drug ("IND") application for its once-daily oxycodone
product, traded-named OxyQD(TM).

OxyQD(TM) utilizes Elite's proprietary sustained release technology. Currently
there is no once-daily oxycodone on the market. The annual U.S. market for
sustained release, twice-daily oxycodone was approximately U.S. $2 billion as of
the end of September 2005.


Under the IND for OxyQD(TM), which was submitted for FDA review in late December
2005, Elite will initiate its developmental program by conducting a pilot Phase
I study using its sustained release formulation. The study will evaluate the
extent of absorption of oxycodone from OxyQD(TM) compared to a current
commercial oxycodone product, OxyContin(R), which is a twice-a-day opioid
product. Elite's technology for once-a-day oxycodone is protected by a patent
pending.


This is the second IND approval for Elite within the past twelve months. The
first IND, accepted by the FDA in the second quarter of 2005, was for Elite's
opioid abuse resistant product, OxyNal(TM). Under the OxyNal(TM) IND, Elite
recently announced positive results for a clinical trial demonstrating that
Elite's proprietary technology for its abuse resistant product performs as
intended.


"This is another important step forward and a significant milestone in the
process of becoming a leader in the development and manufacture of a new
generation of pain management opioid drug products," commented chairman and
chief executive officer, Bernard Berk. "By providing a once-daily oxycodone, we
will be offering the medical practitioner practical alternatives to treat and
manage moderate to severe chronic pain which addresses a large unmet medical
need. The acceptance of our IND for a once-daily oxycodone, coupled with the
positive clinical trial results for our abuse resistant oxycodone OxyNal(TM),
are significant technical achievements for Elite. Regulators are encouraging
researchers to find solutions to the growing problem of opioid abuse and
diversion in this country and provide better, safer, and abuse-resistant pain
management drug products. We believe we have the right solution and the best
approach in making a difference in the lives of patients who are legitimately
seeking pain relief."


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.


CONTACT:
Investor Relations:
The Investor Relations Group
John Nesbett/Antima "Taz" Sadhukhan
212-825-3210
or
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations
518-398-6222
dwill@willstar.net
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                                                             www.elitepharma.com
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