Elite Pharmaceuticals, Inc. (Elite) is a specialty pharmaceutical company principally engaged in the development and manufacture of oral, controlled-release products. The Company’s activity includes improving off-patent drug products for life cycle management and developing generic versions of controlled-release drug products. Its technology is applicable to develop delayed, sustained or targeted-release pellets, capsules, tablets, granules and powders. As of March 31, 2009, the Company had two products, Lodrane 24 and Lodrane 24D, being sold commercially, and a pipeline of five additional drug candidates under active development in the therapeutic areas that include pain management, allergy and infection. Of the products under development, ELI-216, a once-a-day, abuse-deterrent oxycodone product, and ELI-154, a once-a-day oxycodone product, are in clinical trials, and Elite has completed pilot studies on two of its other generic product candidates.