|Northvale, New Jersey, Thursday, August 31, 2006: Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (AMEX: ELI), has been selected to participate in Roth Capital’s 2006 New York Conference focused on micro- and small-cap companies with market capitalizations below $500 million. Bernard Berk, Elite’s Chairman and Chief Executive Officer will discuss the Company’s two lead opioid products: ELI-216 ART, the Company’s abuse-resistant oxycodone hydrochloride product and ELI-154, its once-daily oxycodone hydrochloride product.
Roth Capital’s 2006 New York Conference will be held at The Westin New York at Times Square, 270 West 43rd Street, in New York City and the Company will be presenting on Wednesday, September 6, at 1:30p.m. ET. A live webcast of the presentation will be available on the Company website www.elitepharma.com. For additional information about attending this conference, call 800-678-9147. ELI-216 uses a pharmacological agonist-antagonist combination approach of sustained release agonist oxycodone hydrochloride, intended for use by patients with moderate to severe chronic pain, and an antagonist, naltrexone hydrochloride, formulated to deter abusers of the drug. In December 2005, Elite announced positive results for a clinical trial demonstrating that Elite's proprietary technology for its abuse-resistant product performs as intended.
Additionally, the Company recently announced positive Phase I results for ELI-154 which demonstrated the potential of ELI-154 as a once-daily product to provide sustained blood levels of the active ingredient over a 24-hour period while still achieving similar levels of drug in the early and latter parts of the 24-hour period.
Further clinical studies on ELI-216 and ELI-154 are expected to commence later this year.
About Elite Pharmaceuticals
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 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 $6 billion. Elite also has a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
FOR FURTHER INFORMATION, CONTACT:
The Investor Relations Group
Dian Griesel/ Antima “Taz” Sadhukhan
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations
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 Elite’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.