Elite Pharmaceuticals issues replacement warrants upon exercise of short-, long-term warrants

By Sheri Kasprzak

New York, Dec. 20 - Elite Pharmaceuticals, Inc. said it has issued replacement warrants after the holders exercised their existing long- and short-term warrants.

The holders exercised 666,942 warrants for proceeds of $1,055,879 and received replacement warrants for 200,083 shares. The replacement warrants are exercisable at $3.00 each for five years.

The short-term warrants expire on Dec. 31, 2005, and the long-term warrants expire on Dec. 31, 2010.

Elite will issue replacement warrants for shares equal to 30% of the shares issued upon the exercise of the existing warrants.

Proceeds from the existing warrants will be used for working capital and general corporate purposes.

Based in Northvale, N.J., Elite is a pharmaceutical company focused on developing generic controlled-released products.

The company's stock gained a penny on Tuesday to close at $1.99.

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