|Oct 28, 2004
|Elite Pharmaceuticals Acknowledges Sale in Private Transaction by Former Controlling Shareholder
|Northvale, New Jersey, Thursday, October 28, 2004: Elite Pharmaceuticals, Inc. (Amex: ELI) noted that Dr. Atul Mehta, former Chief Executive Officer and former director of the Company, members of Dr. Mehta's family and their affiliates have sold all of their 1,362,200 shares of Common Stock of the Company in a private transaction to a group of purchasers. The Company did not purchase any of the shares sold by Dr. Mehta, his family members or their affiliates.
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 does not constitute an offer to sell or the solicitation of an offer to buy any security. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act of 1933, as amended, and applicable state securities laws or an applicable exemption from registration requirements. The Company has agreed to file a registration statement covering the resale of the shares of Common Stock issuable upon conversion of the Series A Preferred Stock, upon exercise of the Warrants and as a dividend on the Series A Preferred Stock.
FOR FURTHER INFORMATION, CONTACT:
Dianne Will, Investor Relations for Elite Pharmaceuticals, Inc.
Phone: 518-398-6222 E-Mail: email@example.com
This release contains forward-looking statements which 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. These factors include results of current or pending research and development activities, actions by the FDA and other regulatory authorities, and those factors detailed in the Company's filings with the Securities and Exchange Commission such as 10K, 10Q and 8K reports.