EXHIBIT 99.1
ELITE PHARMACEUTICALS AND INTELLIPHARMACEUTICS ANNOUNCE AGREEMENT FOR THE
DEVELOPMENT OF A CONTROLLED RELEASE
PRODUCT
NORTHVALE, N.J., June 22
/PRNewswire-FirstCall/ -- Elite Pharmaceuticals, Inc.
(Amex: ELI) and IntelliPharmaCeutics Corp.
(Toronto, Canada), a
privately held,
specialty pharmaceutical company, announced
today that they have entered into an
agreement for the development of a generic,
controlled release drug product with
an addressable market in the U.S. of approximately $4 billion in 2004.
A pilot
bioequivalence study has already been
completed and scale up will begin shortly.
After scale up and completion of a
successful pivotal
bioequivalence study
for
the product, an ANDA will be filed with the
FDA.
Dr. Isa Odidi, Chairman, CEO and Co-Chief Scientific Officer of
IntelliPharmaCeutics, stated, "The fit between the two
companies and the timing
provide excellent synergies. We have a significant product that
is ready to be
scaled-up for a pivotal bioequivalence study. Elite has a fully capable
analytical laboratory and cGMP manufacturing facility, and our combined
capabilities put all the pieces in place for a smooth and timely product
development and commercialization.
Bernard Berk, Chairman and CEO of Elite, said, "We are pleased to join
forces with Dr. Isa Odidi and Dr. Amina
Odidi,
IntelliPharmaCeutic's
President
and Co-Chief Scientific Officer, recognized leaders in the development of
controlled release dosage forms. Elite will be combining its
capabilities with
IntelliPharmaCeutics for the development of an oral
controlled release
product
with significant technological barriers,
which may be awarded a period of market
exclusivity. This development agreement supports Elite's business strategy
of
expanding its pipeline through in-licensing of controlled release products
utilizing proprietary drug delivery platforms. This is the second product
agreement completed this year."
ABOUT ELITE
PHARMACEUTICALS
Elite Pharmaceuticals is a specialty pharmaceutical
