Elite Pharmaceuticals appointed current CEO Nasrat Hakim as Chairman of the Board of Directors

– USA, NJ – Elite Pharmaceuticals, Inc.(OTCBB:ELTP) announced that Jerry Treppel has resigned as the Company’s Chairman and as a member of the Board of Directors, effective January 11, 2016, to pursue other opportunities.

The Board of Directors has appointed Nasrat Hakim, Elite’s President and CEO to serve as Chairman of the Board of Directors.

“I want to thank Jerry for his years of dedicated service and contributions to the company, and I wish him all the best in his future endeavors,” said Mr. Hakim.

Mr. Treppel stated, “I am proud of the accomplishments of the company during my time on the Board. It has been my pleasure to work with Elite’s team and I am confident that the company is well-positioned for the future as it continues to execute on its strategy.”

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which is developing a pipeline of proprietary pharmacological abuse-deterrent opioid products as well as niche generic products. Elite specializes in oral sustained and controlled release drug products which have high barriers to entry. Elite owns generic and OTC products which have been licensed to TAGI Pharma, Epic Pharma and Valeant Pharmaceuticals International. Elite currently has eight commercial products being sold, additional approved products pending manufacturing site transfer and a product under review pending approval by the FDA. Elite’s lead pipeline products include abuse-deterrent opioids which utilize the Company’s patented proprietary technology and a once-daily opioid. These products include sustained release oral formulations of opioids for the treatment of chronic pain. These formulations are intended to address two major limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential opioid abuse. Elite also provides contract manufacturing for Ascend Laboratories (a subsidiary of Alkem Laboratories Ltd.), and a Hong Kong based company for development of 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.

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