ELITE AND INTELLIPHARMACEUTICS ENTER AGREEMENT

Elite Pharmaceuticals and IntelliPharmaCeutics (Toronto, Canada), a privately held, specialty pharmaceutical company, announced today that they have entered into an agreement for the development of a generic, controlled release drug product with an addressable market in the U.S. of approximately $4 billion in 2004. A pilot bioequivalence study has already been completed and scale up will begin shortly. After scale up and completion of a successful pivotal bioequivalence study for the product, an ANDA will be filed with the FDA.

PharmaLive (http://www.pharmalive.com/News/index.cfm?articleid=250620&categoryid=21)