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ELITE PHARMACEUTICALS, INC.
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FOR IMMEDIATE RELEASE
Elite Laboratories Signs a Second Agreement with Ethypharm
NORTHVALE, NJ, October 10, 2002-Elite Pharmaceuticals, Inc. (AMEX:ELI) announced
that its wholly owned subsidiary Elite Laboratories, Inc. has signed an
agreement with Ethypharm S.A. to develop a new prescription drug product. Under
the terms of the agreement, Elite shall receive a one-time development fee for
the first phase of feasibility study. Upon satisfactory results in the initial
phase, the parties plan to enter a further development program.
"This proprietary product is intended to compete in a therapeutic category that
exceeds $3 billion in annual sales and accounts for over five percent of all
prescription drug sales in the United States" stated Mr. Gerard Leduc, the
Managing Director and Chief Operating Officer of Ethypharm. ""We have enjoyed
working with Ethypharm in the past, and we are pleased that we have been
selected to help develop this product as well." stated Dr. Atul Mehta, President
and CEO of Elite.
Ethypharm is one of the world's leading drug delivery systems (DDS) companies
that provides effective solutions to optimize the delivery of active molecules
into the body. The Company has developed a broad range of technology platforms
for both oral and injectable delivery, and now has 50 products sold in more than
70 countries. Founded in 1977 by Patrice Debregeas and Gerard Leduc, the Company
has more than 900 employees. Ethypharm's headquarters are located in Saint
Cloud, France and the company has operations in all of the world's key
healthcare markets. Ethypharm has more than 100 clients worldwide including most
of the world's major pharmaceutical companies.
Elite specializes in the development of delayed release, sustained release,
targeted release, pulse release and other oral controlled release formulations.
Elite has over fifteen products under development in the therapeutic areas that
include cardiovascular, diabetes, arthritis, pain, neurology, allergy and
infection. Some of these products are being developed in collaboration with
other pharmaceutical companies. Elite has been issued three patents, and
additional patent applications have been filed. Elite has also established a FDA
and DEA registered facility in Northvale, NJ.
FOR FURTHER INFORMATION, CONTACT:
Jonathan Fassberg of The Trout Group, Investor Relations of Elite
Pharmaceuticals, Inc.,
Phone: 212-477-9007 Ext. 16
Website: http://www.elitepharma.com
Hafid Touam of Ethypharm Corporation
Phone: 609-919-9774
SOURCE: Elite Pharmaceuticals, Inc. and Ethypharm S.A.
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