NORTHVALE, N.J., Oct. 16, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. (“Elite”) (OTCBB:ELTP) announced today that it has entered into a credit line agreement (“Credit Line”) with Nasrat Hakim, Elite’s President and Chief Executive Officer. Pursuant to this agreement, Mr. Hakim has agreed to provide to Elite a line of credit not to exceed $1,000,000. Proceeds will be used to support Elite’s acceleration of product development activities.
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