X0303 5 2011-03-31 0 0 0 0001053369 ELITE PHARMACEUTICALS INC /DE/ eltp 0001442002 EPIC PHARMA LLC 227-15 NORTH CONDUIT AVE LAURELTON NY 11413-3134 0 0 1 0 Series E Convertible Preferred Stock 0.0424 2010-09-29 5 P 0 L 62.5 1000 A 2010-09-29 Common Stock 1472553 2062.5 I See Footnote The reporting person, Epic Pharma, LLC ("EP"), is an equity owner of Epic Investments, LLC ("EI"), which owns securities convertible into or exercisable for in excess of 10% of the outanding shares of comon stock of the issuer. EP and EI are both owned, wholly or in part, and are operated by Ram Potti, Ashok G. Nigalaye and Jeenarine Narine, each of whom is a director of the issuer. The interest of EP in the securities of the issuer owned by EI is limited, and EP disclaims beneficial ownership of such securities except, to the extent of its pecuniary interest in EI. EI (i) acquired 1,000 shares of Elite Pharmaceuticals, Inc., ("Elite") Series E Convertible Preferred Stock on June 3, 2009 (as reflected on Form 3 filed on June 5, 2009) for a price of $1,000 per share and is convertible into 20,000 shares of Elite Common Stock at a conversion price of $0.05 per share, (ii) acquired an additional 1,000 shares of Elite Series E Convertible Preferred Stock on October 30, 2010 (as reflected on Form 4 filed November 5, 2010) for a price of $1,000 per share and is convertible into 20,000 shares of Elite Common Stock at a conversion price of $0.05 per share, (iii) and acquired an additional 62.5 shares of Elite Series E Convertible Preferred Stock on September 29, 2010 for a price of $62.5 per share and is convertible into 1,472,553 shares of Elite's Common Stock at a conversion price of $0.0424 per share. N/A Ram Potti 2011-04-29