Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year Ended March 31, 2013, FQ4/13 Revenues Highest in

Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year
Ended March 31, 2013, FQ4/13 Revenues Highest in Corporate History

Conference Call Scheduled for Monday, June 24 at 11:00 AM EDT

NORTHVALE, N.J., June 21, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc.
(OTCBB:ELTP), a specialty pharmaceutical company dedicated to developing and
commercializing oral abuse-resistant controlled release product formulations
and the manufacturing of generic pharmaceuticals, announced results for the
fiscal year ended March 31, 2013. 

Consolidated revenues were $3.4 million for the fiscal year, an increase of
$1.0 million or approximately 40% over consolidated revenues for the prior
year. Revenues for the quarter ended March 31, 2013, were exceptionally
strong, totaling $1.5 million, the highest quarterly revenue level in
corporate history, 131% above quarterly revenues for the comparable period of
the prior year.The large increases in revenues are the result of the
successful launch and strong growth in new product revenues which have mostly
been created during the past 18 months.

Since the end of the fiscal year, Elite launched two new products, Phentermine
15mg capsules and Phentermine 30mg capsules, both being distributed under
license by TAGI Pharma.These new products did not generate revenues during
the fiscal year ended March 31, 2013, but are generating revenues
currently.Shortly, Elite will begin manufacture of naltrexone 50 mg tablets,
a recently approved ANDA whose revenues are not represented in Elite's fiscal
year 2013 results.

Elite's operations incurred a $1.9 million negative cash flow, due in large
part to the financing of a $1.4 million increase inventory and receivables
generated by the rapid increase in revenues.

Consolidated loss from operations was $1.6 million, and GAAP net income,
including non-cash income relating to the accounting treatment of preferred
share and warrant derivatives was $1.5 million.Basic earnings per share were
$0.00 on a weighted average 349.1 million common shares outstanding.Fully
diluted loss per share was $(0.00), on a weighted average of 526.9 million
shares outstanding on a fully diluted basis.

Jerry Treppel, Chairman and CEO of Elite commented, "It has been a remarkable
year for Elite.We launched new products, substantially increased our
revenues, and lowered our operating losses.Most importantly, I can now tell
you that we expect our first commercially scaled-up, abuse-resistant opioid
product to enter human pilot studies later this year.We have also conducted
work on another abuse-resistant opioid product.We have also received FDA
feedback on clinical protocols for the extended release brompheniramine
product and have filed a Citizen Petition regarding the extended release
brompheniramine/pseudoephedrine product, which, if successful, would put this
product in a position to also begin clinical trials and eventually secure
approvals for bringing these products on to the market.The Company will host
a conference call to discuss the results of operations and provide an update
on recent business developments on Monday, June 24, 2013 at 11:00 AM
EDT.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: 98840

A digital telephone replay will be available approximately one hour after the
conclusion of the call for two weeks until July 8, 2013 by
dialing:

  Domestic callers: (800) 332-6854
  International callers: (973) 528-0005
  Conference entry code: 98840

The financial statements can be viewed in Elite's Annual Report on Form 10-K
at: http://www.elitepharma.com/sec_filings.asp.

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 under review 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 Mikah Pharma and Ascend Laboratories (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
statements.

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

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