NORTHVALE, N.J.--(BUSINESS WIRE)--Jan. 31, 2006--The FDA has accepted Elite Pharmaceuticals, Inc.'s (“Elite” or the “Company”) (Amex: ELI) Investigational New Drug (“IND”) application for its once-daily oxycodone product, traded-named OxyQD(TM). OxyQD(TM) utilizes Elite’s proprietary sustained release technology. Currently there is no once-daily oxycodone on the market. The annual U.S. market for sustained release, twice-daily oxycodone was approximately U.S. $2 billion as of the end of September 2005.
