Attached files
| file | filename |
|---|---|
| EX-3.2 - ELITE PHARMACEUTICALS INC /NV/ | v189686_ex3-2.htm |
| EX-3.1 - ELITE PHARMACEUTICALS INC /NV/ | v189686_ex3-1.htm |
| EX-10.1 - ELITE PHARMACEUTICALS INC /NV/ | v189686_ex10-1.htm |
| EX-10.3 - ELITE PHARMACEUTICALS INC /NV/ | v189686_ex10-3.htm |
| EX-10.2 - ELITE PHARMACEUTICALS INC /NV/ | v189686_ex10-2.htm |
| 8-K - ELITE PHARMACEUTICALS INC /NV/ | v189686_8k.htm |
ELITE
ANNOUNCES SETTLEMENT OF LITIGATION
NORTHVALE,
N.J. – June 30, 2010 – Elite Pharmaceuticals, Inc. (“Elite”) (OTCBB: ELTP)
announces the settlement of the litigation pending in the United States District
Court for the Southern District of New York between Elite and certain holders of
Elite’s Series D Preferred Stock. The plaintiffs in such
action, Midsummer Investment, Ltd. and Bushido Capital Master Fund, LP, have
entered into a settlement agreement with Elite pursuant to which the lawsuit
will be dismissed with prejudice and the parties provided mutual
releases.
About Elite Pharmaceuticals,
Inc.
Elite
Pharmaceuticals, Inc. develops oral sustained and controlled release products.
Elite's strategy includes assisting partner companies in the life cycle
management of products to improve off-patent drug products and developing
generic versions of controlled release drug products with high barriers to
entry. Two of Elite’s products, Lodrane 24® and Lodrane 24D®, are marketed by a
partner, ECR Pharmaceuticals, for allergy treatment. Elite’s lead pipeline
products are novel sustained release oral formulations of oxycodone for the
treatment of chronic pain, which address two of the limitations of existing oral
opioids: the provision of consistent relief of baseline pain levels and
deterrence of potential abuse. Both products, ELI-216, a once-daily abuse
resistant oxycodone, and ELI-154, a once-daily oxycodone, are in late-stage
development. Elite, with partners, also has an ANDA filed with the FDA for a
generic equivalent of a pain product and has a generic gastrointestinal drug
product in clinical development. Elite operates 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, 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 Elite's filings with the Securities
and Exchange Commission such as the 10K, 10Q and 8K reports. Elite undertakes no
obligation to update any forward-looking statements.
Contact:
For Elite
Pharmaceuticals, Inc.
Dianne
Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
www.elitepharma.com