Elite Pharmaceuticals, Inc. Secures $10 Million Funding Commitment From Lincoln Park Capital Fund, LLC

Elite Pharmaceuticals, Inc. Secures $10 Million Funding Commitment From
Lincoln Park Capital Fund, LLC

NORTHVALE, N.J., April 22, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals,
Inc. ("Elite" or the "Company") (OTCBB:ELTP) announced today that it has
entered into a $10 million common stock purchase agreement with Lincoln Park
Capital Fund, LLC ("LPC"), a Chicago-based institutional investor. The Company
has agreed to file a registration statement with the U.S. Securities &
Exchange Commission ("SEC") covering the shares that may be issued to Lincoln
Park Capital under the terms of the common stock purchase agreement. After the
SEC has declared the registration statement related to the transaction
effective, the Company has the right, at its sole discretion over a period of
three years to sell up to $10 million of its common stock to LPC under the
terms set forth in the agreement. Proceeds from the transaction will be used
to develop the Company's pipeline of products, including the abuse resistant
opioids, and for general corporate purposes.

Commenting on the new financing, Elite's Chairman and CEO, Jerry Treppel said,
"We are pleased to have Lincoln Park as an investor in Elite. Since the fall
of 2011, Elite has demonstrated its ability to add new products, having eight
new products approved or launched since then. We intend to use some of the
proceeds from this financing to help develop and advance our pipeline of
products, including the abuse resistant opioids."

Under the terms of the agreement, there are no upper limits to the price that
LPC may pay to purchase Elite's common stock. Elite will control the timing
and the amount of shares to be sold. LPC has no right to require any sales and
is obligated to purchase common stock as directed by Elite. Under the terms of
the agreement, LPC has agreed not to cause or engage in any manner whatsoever,
any direct or indirect short selling or hedging of Elite's shares of common
stock. In consideration for entering into the agreement, Elite has issued
shares of common stock to LPC as a commitment fee and will issue additional
commitment fee shares in proportion to the amount of shares purchased by LPC
under the agreement. 

Additional details regarding the financing are included in a Current Report on
Form 8-K filed today by Elite with the Securities and Exchange Commission.

This press release does not and shall not constitute an offer to sell or the
solicitation of any offer to buy any of the securities, nor shall there be any
sale of the securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.

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. Elite has five commercial products currently being sold, an
additional product approved and soon to be launched, and one additional
product pending approval by the FDA.Elite's lead pipeline products include
abuse resistant opioids utilizing the Company's patented proprietary
technology, and a once-daily opioid.They are sustained release oral
formulations of opioids 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.Elite also
provides contract manufacturing for Actavis and Ascend Laboratories
(previously a subsidiary of ThePharmaNetwork and now a subsidiary of Alkem
Laboratories Ltd.) and has partnered with Mikah Pharma to develop a new
product, with Hi-Tech Pharmacal to develop an intermediate for a generic
product, and a Hong Kong based company to develop a branded product for the
United States market and its territories.Elite operates a GMP and DEA
registered facility for research, development, and manufacturing located in
Northvale, NJ.

This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Including those related
to the effects, if any, on future results, performance or other expectations
that may have some correlation to the subject matter of this press release,
readers are cautioned that such forward-looking statements involve risks and
uncertainties including, without limitation, delays, uncertainties, inability
to obtain necessary ingredients and other factors not under the control of
Elite, which may cause actual results, performance or achievements of Elite to
be materially different from the results, performance or other expectations
that may be implied by these forward-looking statements. These risks and other
factors, including, without limitation, the Company's ability to obtain
sufficient funding under the LPC Agreement or from other sources, the timing
or results of pending and future clinical trials, regulatory reviews and
approvals by the Food and Drug Administration and other regulatory
authorities, intellectual property protections and defenses, and the Company's
ability to operate as a going concern, are discussed in Elite's filings with
the Securities and Exchange Commission, including its reports on forms 10-K,
10-Q and 8-K. Elite undertakes no obligation to update any forward-looking

CONTACT: For Elite Pharmaceuticals, Inc.
         Dianne Will, Investor Relations, 518-398-6222

Elite Pharmaceuticals, Inc Logo
Press spacebar to pause and continue. Press esc to stop.