FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Trellus Management Company, LLC 		2. Issuer Name and Ticker or Trading Symbol

ELITE PHARMACEUTICALS INC /DE/ [ ELI ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

350 MADISON AVENUE, 9TH FLOOR,  		3. Date of Earliest Transaction (MM/DD/YYYY)

4/3/2009
(Street)

NEW YORK, NY 10017
(City)        (State)        (Zip)
4. 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   4/3/2009     S    220700   (1) D $0.17   28450680   (2) I   See footnote   (3) (4)
Common Stock   4/6/2009     S    174252   (5) D $0.15   28276428   (6) I   See footnote   (3) (4)
Common Stock   4/8/2009     S    393200   (7) D $0.13   27883228   (8) I   See footnote   (3) (4)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  On April 3, 2009, Trellus Partners, L.P., a Delaware limited partnership ("TPLP"), sold short against the box 152,837 shares of the Issuer's common stock ("Common Stock"); and Trellus Offshore Fund Limited, a Cayman Islands limited liability company ("TOF") sold 66,233 shares of Common Stock short against the box. Trellus Management Company LLC ("Trellus") and Adam Usdan indirectly sold an additional 1,630 shares of Common Stock short against the box.
( 2)  On April 3, 2009, following the reported transaction, TPLP owned 16,362,830 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and TOF owned 7,207,552 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 177,235 shares of Common Stock and additional warrants to acquire 33,879 shares of Common Stock.
( 3)  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 and sold short against the box by TPLP and TOF (as described in footnotes (1), (4) and (5) herein.
( 4)  Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.
( 5)  On April 6, 2009, TPLP sold 120,672 shares of Common Stock short against the box and TOF sold 52,294 shares of Common Stock short against the box. Trellus and Mr. Usdan indirectly sold an additional 1,286 shares of Common Stock short against the box.
( 6)  On April 6, 2009, following the reported transaction, TPLP owned 16,242,158 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and TOF owned 7,155,258 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 175,949 shares of Common Stock and additional warrants to acquire 33,879 shares of Common Stock.
( 7)  On April 8, 2009, TPLP sold 272,296 shares of Common Stock short against the box and TOF sold 118,003 shares of Common Stock short against the box. Trellus and Mr. Usdan indirectly sold an additional 2,901 shares of Common Stock short against the box.
( 8)  On April 8, 2009, following the reported transaction, TPLP owned 15,969,862 shares of Common Stock and held warrants to acquire 3,291,426 shares of Common Stock and TOF owned 7,037,255 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 173,048 shares of Common Stock and additional warrants to acquire 33,879 shares of Common Stock.

Reporting Owners
Reporting Owner Name / Address
Relationships
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 4/21/2009
** Signature of Reporting Person Date

/s/ Anthony G. Miller, Chief Financial Officer of Trellus Partners, L.P. 4/21/2009
** Signature of Reporting Person Date

/s/ Adam Usdan, Director of Trellus Offshore Fund Limited 4/21/2009
** Signature of Reporting Person Date

/s/ Adam Usdan 4/21/2009
** 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 4(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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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