- Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

Trellus Management Company, LLC

2. Date of Event Requiring Statement (MM/DD/YYYY) 10/16/2008

3. Issuer Name and Ticker or Trading Symbol

ELITE PHARMACEUTICALS INC /DE/ [ELI]

(Last) (First) (Middle)

350 MADISON AVENUE, 9TH FLOOR,

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director ___ X ___ 10% Owner
_____ Officer (give title below) _____ Other (specify below)

(Street)

NEW YORK, NY 10017

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1205107	I ⁽¹⁾ ⁽²⁾	See footnote ⁽¹⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series D Convertible Preferred Stock	10/16/2008	⁽³⁾	Common Stock	22000000	$0.20 ⁽⁴⁾	I ⁽¹⁾ ⁽⁶⁾	See footnote ⁽¹⁾
Warrants	10/16/2008	9/15/2013	Common Stock	4703063	$0.25 ⁽⁵⁾	I ⁽¹⁾ ⁽⁷⁾	See footnote ⁽¹⁾

Explanation of Responses:
( 1)	Trellus Management Company, LLC ("Trellus") is the investment adviser to Trellus Partners, L.P., a Delaware limited partnership ("TPLP") and Trellus Offshore Fund Limited, a Cayman Islands exempted company ("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 by TPLP and TOF (as described in footnotes (2) - (7) below).
( 2)	On October 16, 2008, TPLP held 772,502 shares of Common Stock and TOF held 360,748 shares of Common Stock. Trellus and Mr. Usdan indirectly hold an additional 71,857 shares of Common Stock.
( 3)	Not applicable.
( 4)	Each share of Series D Convertible Preferred Stock is convertible into 5,000 shares of the Issuer's Common Stock at a price of at $0.20 per share.
( 5)	Each warrant represents the right to purchase one share of Common Stock at an exercise price of $0.25 per share.
( 6)	On October 16, 2008, TPLP held 3,025 shares of Series D Convertible Preferred Stock (convertible into 15,125,000 shares of the Issuer's Common Stock) and TOF held 1,342 shares of Series D Convertible Preferred Stack (convertible into 6,710,000 shares of the Issuer's Common Stock). Trellus and Mr. Usdan indirectly hold an additional 33 shares of Series D Convertible Preferred Stock (convertible into 165,000 shares of the Issuer's Common Stock).
( 7)	On October 16, 2008, TPLP held Warrants to acquire 3,291,426 shares of Common Stock and TOF held Warrants to acquire 1,377,758 shares of Common Stock. Trellus and Mr. Usdan indirectly hold Warrants to acquire an additional 33,879 shares of Common Stock.

Remarks:
Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary
interest therein.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Trellus Management Company, LLC 350 MADISON AVENUE, 9TH FLOOR NEW YORK, NY 10017		X
TRELLUS PARTNERS LP 350 MADISON AVENUE, 9TH FLOOR NEW YORK, NY 10017		X
Trellus Offshore Fund Ltd 350 MADISON AVENUE, 9TH FLOOR NEW YORK, NY 10017		X
Usdan Adam C/O TRELLUS MANAGEMENT COMPANY, LLC 350 MADISON AVENUE, 9TH FLOOR NEW YORK, NY 10017		X

Signatures
/s/ Anthony G. Miller, Chief Financial Officer of Trellus Management Company, LLC		3/16/2009
^** Signature of Reporting Person		Date
/s/ Anthony G. Miller, Chief Financial Officer of Trellus Partners, L.P.		3/16/2009
^** Signature of Reporting Person		Date
/s/ Adam Usdan, Director of Trellus Offshore Fund Limited		3/16/2009
^** Signature of Reporting Person		Date
/s/ Adam Usdan		3/16/2009
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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