Elite Pharmaceuticals, Inc. Announces First Shipment of Generic Naltrexone Hydrochloride

Elite Pharmaceuticals, Inc. Announces First Shipment of Generic Naltrexone

NORTHVALE, N.J., Sept. 18, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals,
Inc. ("Elite" or the "Company") (OTCBB:ELTP) today announced the initial
shipment of naltrexone hydrochloride 50 mg tablets under the License,
Manufacturing and Supply Agreement with its sales and marketing partner,
triggering a milestone payment. Elite's sales and marketing partner will
distribute the product as part of a multi-product distribution agreement.

Naltrexone is an opioid receptor antagonist used primarily in the management
of alcohol dependence and opioid dependence.For the calendar year 2012, Revia
and its generic equivalents had total U.S. sales of approximately $16 million
according to IMS Health Data.

"With the shipment of naltrexone, Elite has now launched seven products in
less than two and a half years," commented Nasrat Hakim, Elite's President and
CEO."The Company has executed the strategic plan on schedule.This plan now
includes an additional thirteen products, eleven of which are approved, and
are prioritized for commercialization pending manufacturing site transfer."

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 seven commercial products currently being
sold,eleven approved products pending manufacturing site transfer and two
additional products 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 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, its ability to obtain FDA
approval of the transfers of the ANDAs or the timing of such approval process,
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

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