Elite Pharmaceuticals Inc (ELTP)

[Phisherman]

Elite Announces Signing of Strategic Alliance Deal with Epic
02:55 PM Eastern Daylight Time, 03/24/2009 (MidnightTrader) -- On March 18, Elite Pharmaceuticals (ELI:$0.22,00$0.09,0069.23%) entered a strategic alliance agreement with Epic Pharma and Epic Investments pursuant to which Elite will commence a strategic relationship with Epic.
At least eight additional generic drug products will be developed by Epic at Elite's facility with the intent of filing abbreviated new drug applications for obtaining FDA approval of such generic drugs.
Elite will be entitled to 15% of the profits generated from the sales of such additional generic drug products upon approval by the FDA and Epic and Elite will share with each other certain resources, technology and know-how in the development of drug products.
Epic will invest in Elite through the purchase of $3.75 million of newly issued shares of Elite's series E convertible preferred stock and warrants to purchase additional shares of Elite shares. Epic will also be entitled to receive additional shares of Elite shares and warrants to purchase shares of Elite's shares upon achievement of certain milestones relating to the eight additional generic drug products to be developed by Epic at Elite's facility.
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