UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                         PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                                  May 10, 2004
                           ---------------------------
                                (Date of Report)

                           ELITE PHARMACEUTICALS, INC.
                 -----------------------------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                     333-45241                  22-3542636
       ------------                 -------------              --------------
(State or other jurisdiction        (Commission                (IRS Employer
    of incorporation)               File Number)             Identification No.)



                 165 Ludlow Avenue, Northvale, New Jersey 07647
         ---------------------------------------------------------------
                    (Address of principal executive offices)

                                 (201) 750-2646
                              ---------------------
              (Registrant's telephone number, including area code)






Item 5.         OTHER EVENTS AND REGULATION FD DISCLOSURE

         The  Registrant  issued on May 10, 2004, a press release  announcing an
agreement  between its wholly owned  subsidiary,  Elite  Laboratories  Inc., and
Purdue Pharma L.P.  ("Purdue"),  granting Purdue the exclusive right to evaluate
certain of  Registrant's  abuse  resistance drug  formulation  technology and an
exclusive option to negotiate a license to develop and  commercialize  oxycodone
products under the technology.

         A copy of Registrant's press release is attached as Exhibit 99.1.

Item 7.         FINANCIAL STATEMENTS AND EXHIBITS

         a)     Not applicable.

         b)     Not applicable.

         c)     Exhibits

         99.1.  Press Release, dated May 10, 2004








                                      -2-


                                    SIGNATURE


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

         Dated: May 10, 2004


                                          ELITE PHARMACEUTICALS, INC.



                                          By:        /s/ BERNARD BERK
                                              ------------------------------
                                              Name:  Bernard Berk
                                              Title: Chief Executive Officer