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
March 9, 2006
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Date of Report (Date of earliest event reported)
ELITE PHARMACEUTICALS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-45241 22-3542636
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
165 Ludlow Avenue, Northvale, New Jersey 07647
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(Address of principal executive offices)
(201) 750-2646
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(Registrant's telephone number, including area code)
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(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 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.
(c) On March 9, 2006, the Registrant expanded the responsibilities of Chris Dick
and Dr. Charan Behl to those of executive officers and appointed Mr. Dick as
Executive Vice President of Corporate Development and Dr. Behl as Executive Vice
President and Chief Scientific Officer.
Dr. Charan Behl, 55, has performed consulting technological services
for the Registrant since June 2003. From January 1995 to July 1998 he was Vice
President of R&D for Nastech Pharmaceutical Corporation, Inc. and from July 1988
to January 2001 he was Executive Vice President of R&D for Nastech. From April
1981 to November 1994 he was employed at Hoffman La Roche, where he had a number
of positions, including research leader of the Pharmaceutical R&D Department.
During his tenure at Roche and Nastech, Dr. Behl created substantial amount of
intellectual property in the area of drug delivery. His patent portfolio
includes over 40 patents issued, pending and in preparation. Dr. Behl obtained a
B.S. in Pharmaceutical Sciences in 1971 from BITS, Pilani, India, an M.S. in
Pharmaceutics in 1975 from Duquesne University, Pittsburgh, Pennsylvania under
the mentorship of Dr. Alvin M. Galinsky, and a Ph.D. in Pharmaceutical Sciences
in 1979 from the University of Michigan, Ann Arbor, Michigan under the
mentorship of Dr. William I. Higuchi. Dr. Behl was an Assistant Research
Scientist from 1978 to 1981 at the University of Michigan. Dr. Behl is
internationally known for his scientific and professional activities. He has
coauthored over 200 publications including research articles, book chapters, and
abstracts and has made numerous presentations at national and international
conferences and workshops. Working with his associates from academia and
industry and representative of the FDA, Dr. Behl has co-organized several
workshops and symposia. He was the founding chair of Nasal Drug Delivery Focus
Group formed under the auspices of the AAPS in 1995, and served as its Chairman
from 1995 to 2001. Dr. Behl is a fellow of the American Association of
Pharmaceutical Scientists.
Chris Dick. 51, has been engaged by the Registrant since November 2002
directing the licensing and business development activities for the Registrant.
From 1999 to 2002, Mr. Dick served as Director of Business Development for Elan
Drug Delivery, Inc. where he was responsible for licensing and business
development of Elan's portfolio of drug delivery technologies. From 1997 to
1999, Mr. Dick was Manager of Business Development and Marketing for EnTec, a
drug delivery business unit within FMC Corporation's Pharmaceutical Division. He
has held various other business and technical positions at FMC Corporation,
including Manager of Marketing for its pharmaceutical functional coatings
product line. Mr. Dick received in 1992 from the Stern School of Business, New
York University an M.B.A, and in 1976 from Cornell University a B.S. in Chemical
Engineering and in 1978 from Cornell University an M.S. in Chemical Engineering.
For the year ended December 31, 2005, Dr. Behl earned approximately
$260,000 in cash fees for services rendered (such amount did not include
expenses) and received 100,000 shares of Common Stock upon exercise of warrants
in December 2005. The aggregate exercise price of such warrants, $154,000, was
paid to the Registrant by means of an offset against additional fees owed to Dr.
Behl as of December 2005. For the year ended December 31, 2005, Mr. Dick earned
a base salary of $150,000, a cash bonus of $25,000 and recieved options to
purchase 40,000 shares of Common Stock.
The Registrant is in the process of finalizing employment terms with
each of Dr. Behl and Mr. Dick commiserate with their new responsibilities.
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: March 10, 2006
ELITE PHARMACEUTICALS, INC.
By: /s/ Bernard Berk
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Name: Bernard Berk
Title: Chief Executive Officer
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