U.S. 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
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ELITE PHARMACEUTICALS, INC.
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(Exact name of registrant as specified in its charter)
333-45241 22-3542636
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(Commission File Number) (I.R.S. Employer Identification No.)
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165 Ludlow Avenue, Northvale, New Jersey 07647
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(Address of principal executive office) (Zip Code)
(201) 750-2646
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Registrant's telephone number, including area code
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
The Company recently concluded a private placement of its securities
resulting in the issuance of 1,275,002 shares of its common stock and 637,501
warrants. The private placement resulted in net proceeds to the Company of
$4,452,500.
The information set forth in the press release issued by Elite
Pharmaceuticals, Inc. attached hereto as Exhibit 99.1, is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
99.1 Press release of Elite Pharmaceuticals, Inc. dated July 8, 1999.
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.
ELITE PHARMACEUTICALS, INC.
By:
Mark I. Gittelman, Treasurer
Date: August 4, 1999
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EXHIBIT INDEX
Item No.
99.1 Press release of Elite Pharmaceuticals, Inc. dated July 8, 1999.
3
FOR IMMEDIATE RELEASE
ELITE CONCLUDES PRIVATE PLACEMENT OF ITS SECURITIES
July 8, 1999. Northvale, NJ Elite Pharmaceuticals, Inc. (OTC:BB ELIP) recently
raised $4,452,500 in a private placement of its securities. It intends to use
the bulk of the proceeds to fund working capital requirements, including
conducting clinical studies and product development with the object of obtaining
FDA approval. Elite also anticipates completing the issuance of tax-exempt bonds
by the New Jersey Economic Development Authority in the aggregate principal
amount of up to $3,000,000. Elite intends to apply the proceeds of the bond
financing to its new expanded facility in Northvale, New Jersey, to purchase
manufacturing equipment and qualify it to be a GMP facility by the FDA. This is
in keeping with Elite's goal of manufacturing pharmaceutical products in
sufficient quantities to seek FDA approval of drug products.
Elite Pharmaceuticals, Inc. through its wholly owned subsidiary is engaged in
the development of oral controlled release products such as delayed, sustained
or targeted release tablets and capsules. It has developed several products in
cardiovascular, anti-inflammatory and anti-diabetic therapeutic categories and
has undertaken contract development for some major pharmaceutical companies.
All statements other than statements of historical fact contained in this Press
Release are forward looking statements. Forward looking statements in this Press
Release generally are accompanied by words such as "intend," "anticipate,"
"believe," "estimate," "project," or "expect" or similar statements. Although
the Company believes that the expectations reflected in such forward looking
statements are reasonable, no assurance can be given that such expectations will
prove correct. Factors that could cause the Company's results to differ
materially from the results discussed in such forward looking statements include
the risks described in the prospectus of ELIP. All forward looking statements in
this Press Release are expressly qualified in their entirety by the cautionary
statements in this paragraph.
Contact: Sharon Will, Investor Relations at 212-572-0791 or Fax 212-572-0764.
