NORTHVALE, N.J.--(BUSINESS WIRE)--Dec. 20, 2005-- Elite to Receive Payments from Canadian Sales. Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) (AMEX: ELI) announced today that it had entered into an amendment with its partner, IntelliPharmaCeutics Corp., under the Product Development and Commercialization Agreement, dated as of June 21, 2005. In accordance with the amendment, IntelliPharmaCeutics and ratiopharm, inc., a Canadian company with marketing and distribution capabilities in Canada, will develop and commercialize the product for Canada. Elite and IntelliPharmaCeutics will share their proceeds of commercialization in Canada on the same terms as in the June 21, 2005 Agreement.
