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Filing Details

Accession Number:: 0000947871-11-000129
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-02-24 18:05:54
Reporting Period:: 2011-02-23

Filing Date:: 2011-02-24
Accepted Time:: 2011-02-24 18:05:54
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
1133880	Trellus Partners Lp	350 Madison Avenue, 9Th Floor New York, NY 10017	No	No	Yes	No
1211019	Trellus Partners Ii Lp	350 Madison Avenue, 9Th Floor New York, NY 10017	No	No	Yes	No
1307877	Trellus Management Company, Llc	350 Madison Avenue, 9Th Floor 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	2011-02-23	141,084	$0.06	21,593,693	No	4	S	Indirect	See Footnotes
Common Stock	Disposition	2011-02-24	186,314	$0.06	21,407,379	No	4	S	Indirect	See Footnotes

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

Footnotes

On February 23, 2011, Trellus Partners, L.P., a Delaware limited partnership ("TPLP") sold 141,084 shares of Common Stock.
On February 23, 2011, following the reported transaction, TPLP owned 10,723,286 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and Trellus Offshore Fund Limited, a Cayman Islands limited liability company ("TOF") owned 6,002,344 shares of Common Stock and held warrants to acquire 1,377,758 shares of Common Stock and Trellus Partners, L.P. II ("TPLPII") owned 165,000 shares of Common Stock and warrants to acquire 33,879 shares of Common Stock. Trellus Management Company, LLC ("Trellus") and Mr. Usdan each beneficially owned the Common Stock and warrants owned by TPLP and TOF, and TPLPII.
Trellus is the investment adviser to TPLP, TOF, and TPLPII. 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 described in this Form 4.
Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.
On February 24, 2011, TPLP sold 186,314 shares of Common Stock.
On February 24, 2011, following the reported transaction, TPLP owned 10,536,972 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and TOF owned 6,002,344 shares of Common Stock and held warrants to acquire 1,377,758 shares of Common Stock and TPLPII owned 165,000 shares of Common Stock and warrants to acquire 33,879 shares of Common Stock. Trellus and Mr. Usdan each beneficially owned the Common Stock and warrants owned by TPLP and TOF, and TPLPII.