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 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

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1. Name and Address of Reporting Person * BERK BERNARD   2. Issuer Name and Ticker or Trading Symbol ELITE PHARMACEUTICALS INC /DE/ [ELI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman, CEO and President (Last) (First) (Middle) C/O ELITE PHARMACEUTICALS, INC., 165 LUDLOW AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 12/31/2007 (Street) NORTHVALE, NJ 07647 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 12/31/2007   P   2,500 A $ 2.0799 192,300 D   Common Stock 12/31/2007   P   2,500 A $ 2.05 194,800 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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

Options

$ 3

11/13/2006

A

300,000

(1)

11/13/2016

Common Stock

300,000

$ 3

1,425,000

D

Options

$ 2.69

09/02/2005

A

400,000

(2)

09/02/2015

Common Stock

400,000

$ 2.69

1,425,000

D

Options

$ 2.69

09/02/2005

A

200,000

(3)

09/02/2015

Common Stock

200,000

$ 2.69

1,425,000

D

Options

$ 2.15

06/23/2003

A

225,000 (4)

09/02/2005

06/22/2013

Common Stock

225,000 (4)

$ 2.15

1,425,000

D

Options

$ 2.01

06/03/2003

A

300,000

06/02/2003

06/02/2013

Common Stock

300,000

$ 2.01

1,425,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
BERK BERNARD C/O ELITE PHARMACEUTICALS, INC. 165 LUDLOW AVENUE NORTHVALE, NJ 07647	X		Chairman, CEO and President

Signatures

/s/ Bernard Berk		01/03/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	They vest upon the closing of an exclusive product license for the United States national market, the entire European Union market or the Japan market or product sale transaction of all of the Company's ownership rights in the United States (only once for each individual product) for the Company's first "Non-Generic Opioid Drug" as to 150,000 options and for the Company's second "Non-Generic Opioid Drug" as to 150,000 options.
(2)	See Remarks.
(3)	100,000 of the options vested on September 2, 2006 and 100,000 of the options vested on September 2, 2007.
(4)	Represents a previously granted option to purchase 300,000 shares of the Registrant's Common Stock of which the Reporting person waived and released any and all rights to receive or exercise such options as to 75,000 shares of Common Stock. The remaining 225,000 shares of Common Stock vested on September 2, 2005.
Remarks: Modified on November 13, 2006 to provide for the following vesting period: the options vest as follows: (i) upon the  commencement of the first Phase III clinical trial relating to the first "Non-Generic Opioid Drug" developed by the Company  as to 125,000 options and relating to the second "Non-Generic Opioid Drug" developed by the company as to 75,000 options;  (ii) 50,000 options upon the closing of an exclusive product license for the United States national market or product sale  transaction of all of the Company's ownership rights (on a product by product basis and only once for each individual  product) for each Company drug product, other than the "Non-Generic Opioid Drugs" for which the foregoing "Non-Generic  Opioid Drug" options were granted under (i) above; (iii) 10,000 options upon the filing by the Company (in the Company's  name) with the United States Food and Drug Administration (the "FDA") of either an abbreviated new drug application (an  "ANDA") or a new drug application (including a NDA filed with the FDA (a "NDA"), for a product not covered by a previous FDA  application; (iv) 40,000 options upon the approval by the FDA of any ANDA or NDA (filed in the Company's name) for a product  not previously approved by the FDA; (v) 25,000 options upon filing of an application for U.S. patent by the Company (filed  in the Company's name); and (vi) 25,000 options upon the granting by U.S. Patent and Trademark Office of a patent to the  Company (filed in the Company's name).

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