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Filing Details

Accession Number:: 0000947871-10-000022
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-01-05 12:00:00
Reporting Period:: 2009-12-24

Filing Date:: 2010-01-05
Accepted Time:: 2010-01-05 10:26:24
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1053369	Elite Pharmaceuticals Inc	ELTP	Pharmaceutical Preparations (2834)	223542636

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1211019	Trellus Partners Ii Lp	C/O Trellus Management Company, Llc 350 Madison Avenue New York NY 10017	No	No	Yes	No
1307877	Trellus Management Company, Llc	350 Madison Avenue - 9Th Fl New York NY 10017	No	No	Yes	No
1458673	Ltd Fund Offshore Trellus	350 Madison Avenue, 9Th Floor New York NY 10017	No	No	Yes	No
1459107	Adam Usdan	C/O Trellus Management Company, Llc 350 Madison Avenue, 9Th Floor New York NY 10017	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2009-12-24	80,000	$0.11	24,321,777	No	4	S	Indirect	See footnote
Common Stock	Disposition	2009-12-29	39,250	$0.11	24,282,527	No	4	S	Indirect	See footnote
Common Stock	Disposition	2009-12-30	80,750	$0.11	24,201,777	No	4	S	Indirect	See footnote
Common Stock	Disposition	2009-12-31	212,500	$0.11	23,989,277	No	4	S	Indirect	See footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See footnote
No	4	S	Indirect	See footnote
No	4	S	Indirect	See footnote
No	4	S	Indirect	See footnote

Footnotes

On December 24, 2009, Trellus Partners, L.P., a Delaware limited partnership ("TPLP") sold 53,200 shares of Common Stock and Trellus Offshore Fund Limited, a Cayman Islands limited liability company ("TOF") sold 26,800 shares of Common Stock.
On December 24, 2009, following the reported transaction, TPLP owned 13,052,079 shares of Common Stock and held warrants to acquire 3,291,426 shares of common Stock and TOF owned 6,399,532 shares of Common Stock and held warrants to acquire 1,377,758 shares of Common Stock. Trellys Manatement Company, LLC ("Trellus") and Mr. Usdan each beneficially owned the Common Stock and warrants owned by TPLP and TOF and in addition held indirect beneficial ownership of an additional 167,103 shares of Common Stock and additional warrants to acquire 33,879 shares of Common Stock.
Trellus is the investment adviser to TPLP and TOF. Adam Usdan is the controlling principal and chief investment officer of Trellus. By reason of their investment discretion, Trellus and Mr. Usdan are reported herein as indirect beneficial owners of the securities held, acquired, and sold short against the box by TPLP and TOF (as described in footnotes (5) and (6)).
Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.
On December 29, 2009, TPLP sold 26,158 shares of Common Stock and TOF sold 13,092 shares of Common Stock.
On December 29, 2009, following the reported transaction, TPLP owned 13,025,921 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and TOF owned 6,386,440 shares of Common Stock and held warrants to acquire 1,377,758 shares of Common Stock. Trellus and Mr. Usdan each beneficially owned the Common Stock and warrants owned by TPLP and TOF and in addition held indirect beneficial ownership of an additional 167,103 shares of Common Stock and additional warrants to acquire 33,879 shares of Common Stock.
On December 30, 2009, TPLP sold 53,700 shares of Common Stock and TOF sold 27,050 shares of Common Stock.
On December 30, 2009, following the reported transaction, TPLP owned 12,972,221 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and TOF owned 6,359,390 shares of Common Stock and held warrants to acquire 1,377,758 shares of Common Stock. Trellus and Mr. Usdan each beneficially owned the Common Stock and warrants owned by TPLP and TOF and in addition held indirect beneficial ownership of an additional 167,103 shares of Common Stock and additional warrants to acquire 33,879 shares of Common Stock.
On December 31, 2009, TPLP sold 141,300 shares of Common Stock and TOF sold 71,200 shares of Common Stock.
On December 31, 2009, following the reported transaction, TPLP owned 12,830,921 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and TOF owned 6,288,190 shares of Common Stock and held warrants to acquire 1,377,758 shares of Common Stock. Trellus and Mr. Usdan each beneficially owned the Common Stock and warrants owned by TPLP and TOF and in addition held indirect beneficial ownership of an additional 167,103 shares of Common Stock and additional warrants to acquire 33,879 shares of Common Stock.