NORTHVALE, N.J., Jan. 3, 2012 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. (“Elite”) (OTCBB:ELTP) announced today that it has entered into a securities purchase agreement with Socius CG II, Ltd., a subsidiary of Socius Capital Group (“Socius”). Socius, based in New York and Los Angeles, has an impressive record of making investments in emerging life sciences companies. Under the agreement, Elite may sell up to $5 million of non-convertible Series F Preferred Stock to Socius over a two-year period. Proceeds will be used for product development, including the scale-up of products using Elite’s abuse deterrent technology, as well as other corporate purposes that management may deem necessary and appropriate.
