Elite Pharma closes $10M placing

New Jersey, USA-based Elite Pharmaceuticals has completed a private placement of $10.0 million to a group of institutional and other private investors through the issuance of 10,000 shares of its series B preferred stock at a price of $1,000 per share, each share initially convertible at $2.25 into 444.4444 shares of common stock, or an aggregate of 4,444,444 shares of common stock. Each purchaser of series B preferred stock will also receive two stock purchase warrants.

"We are pleased to have completed this placement which will contribute materially to our efforts to advance our portfolio of pain products through the clinic as well as accelerate the development of our other controlled-release products which utilize our proprietary oral drug delivery systems and abuse resistance technology," commented Bernard Berk, chief executive of Elite.