NORTHVALE, N.J., June 5, 2009 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite") (OTCBB:ELTP) announced that on June 3, 2009, Elite conducted the initial closing (the "Initial Closing") under the Strategic Alliance Agreement (the "Alliance Agreement") with Epic Pharma, LLC and Epic Investments, LLC (an entity controlled by Epic Pharma, LLC) (collectively "Epic"). The signing of the Alliance Agreement was announced by Elite on March 23, 2009. Under the terms of the Alliance Agreement, Elite will commence a strategic relationship with Epic, a pharmaceutical company synergistic to Elite in the research and development and manufacturing of oral immediate and control release drug products.
