Elite Pharmaceuticals, Inc. Hosts Conference Call to Discuss Strategic Alliance With...

Elite Pharmaceuticals, Inc. Hosts Conference Call to Discuss Strategic Alliance
With Epic Pharma, LLC

NORTHVALE, N.J., March 24, 2009 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc.
(NYSE Amex:ELI) today announced that it has scheduled a conference call for
Wednesday, March 25, 2009 at 2:00 PM EDT to discuss the Strategic Alliance
Agreement entered into with Epic Pharma, LLC on March 18, 2009. Company
executives will also conduct a question and answer session following their
remarks.

To access the conference call:

Domestic callers: (800) 346-7359
International callers: (973) 528-0008
Conference Entry Code: 323662

A digital telephone replay will be available approximately one
hour after the conclusion of the call for two weeks until
April 7, 2009 by dialing:

Domestic callers: (800) 332-6854
International callers: (973) 528-0005
Conference entry code: 323662
About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. develops oral sustained and controlled release
products. The Company'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 the company's products, Lodrane 24(r) and Lodrane
24D(r), are marketed by a partner, ECR Pharmaceuticals, for allergy treatment.
The company'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 the Company, 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. The Company
undertakes no obligation to update any forward-looking statements.

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CONTACT: Elite Pharmaceuticals, Inc.
Investor Relations
Dianne Will
518-398-6222
Dianne@elitepharma.com
www.elitepharma.com