|Jun 26, 2007
|ROBERT J. LEVENSON ELECTED TO THE BOARD OF DIRECTORS OF ELITE PHARMACEUTICALS, INC.
|Northvale, New Jersey, Tuesday, June 26, 2007: Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) (AMEX: ELI) announced the election of Robert J. Levenson to its board of directors at the Company’s recent annual stockholders’ meeting.
“Rarely is a company fortunate to attract a candidate with the qualities and talent that Bob possesses. Over the years, Bob Levenson has a long standing record of accomplishments having served as a senior executive and member of the board of directors of First Data Corporation, Medco Containment Services, and Automatic Data Processing, as well as other companies, both public and private,” said Bernard J. Berk, Chairman, President and Chief Executive Officer of Elite. “We are pleased to have Bob Levenson join Elite’s board of directors.”
Since 2000, Mr. Levenson has served as the Managing Member of the Lenox Capital Group, L.L.C. From 1993 to 2000, Mr. Levenson was an Executive Vice President of First Data Corporation and a member of its board of directors from 1992 to 2003. From October 1990 to December 1992, Mr. Levenson served as Senior Executive Vice President, Chief Operating Officer, a member of the Office of the President and a member of the board of directors of Medco Containment Services, Inc., a provider of managed care prescription benefits. From 1985 until October 1990, he was a Group President and member of the board of directors of Automatic Data Processing, Inc. (NYSE: ADP). Mr. Levenson has also served as a member of the boards of directors of several other companies, public and private. Mr. Levenson is currently nominated to be a director of Ceridian Corporation (NYSE: CEN).
About the Company
Elite Pharmaceuticals is a specialty pharmaceutical company principally engaged in the development and manufacturing 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 two products currently being sold commercially and a pipeline of seven drug products under development in the therapeutic areas that include pain management, allergy and infection. The addressable market for Elite's current pipeline of products exceeds $6 billion. Elite formed, together with VGS Pharma, LLC, Novel Laboratories, Inc., as a separate specialty pharmaceutical company for the research, development, manufacturing, licensing and acquisition of specialty generic pharmaceuticals. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
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, 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 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.