UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
November 10, 2006
-----------------
Date of Report (Date of earliest event reported)
ELITE PHARMACEUTICALS, INC.
---------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-45241 22-3542636
-------- --------- ----------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
165 Ludlow Avenue, Northvale, New Jersey 07647
----------------------------------------------
(Address of principal executive offices)
(201) 750-2646
--------------
(Registrant's telephone number, including area code)
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
The Company entered into a Product Collaboration Agreement on November 10, 2006
with ThePharmaNetwork, LLC a New Jersey limited liability company (TPN), for the
development of a specific synthetic narcotic analgesic drug product to be agreed
upon by the Company and TPN within 60 days of the date of the agreement from
which a generic equivalent is to be developed. TPN is to perform development
services and prepare and file an Abbreviated New Drug Application (ANDA) in the
name of TPN with the United States Food and Drug Administration (FDA). The
Company is to provide development support including the purchase of active
pharmaceutical ingredients and materials and supplies to manufacture the batch,
provide adequate facilities to TPN for use in its development work and following
ANDA approval, the Company will manufacture the drug product developed. The
Company is to pay TPN for the development services rendered upon the attainment
of certain milestones. The out-of-pocket costs are to be shared by TPN and the
Company, with TPN's obligation to be payable from its royalty compensation. The
term of the agreement is 15 years from the first commercial sale of the drug
product developed.
No assurance can be given that any viable drug product will be developed
pursuant to the agreement or if developed that any material revenues to the
Company will be generated.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
a) Not applicable.
b) Not applicable.
c) Exhibits
10.1 Product Collaboration Agreement between the Company and
ThePharmaNetwork LLC, dated as of November 10, 2006*
99.1 Copy of Press Release, dated November 14, 2006
* The Registrant has requested confidential treatment with respect to this
exhibit. In the event that the Securities and Exchange Commission should deny
such request in whole or in part, such exhibit or the relevant portions thereof
shall be filed by amendment to this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 15, 2005
ELITE PHARMACEUTICALS, INC.
By: /s/ Bernard Berk
--------------------------------
Name: Bernard Berk
Title: Chief Executive Officer