IMPAX ANDA Filing for Generic Version of Oxycontin Accepted by FDA

February 26, 2002
Company's Ninth Paragraph IV ANDA Filing

February 26, 2002 -- IMPAX Laboratories, Inc. (Nasdaq:IPXL) today announced that the U.S. Food and Drug Administration (FDA) has accepted the Company's filing of an Abbreviated New Drug Application (ANDA) for a generic version of Oxycontin® (Oxycodone HCl) Extended Release 80 mg Tablets. Purdue Pharma markets Oxycontin for the management of moderate to severe pain. U.S. sales of Oxycontin Extended Release 80 mg Tablets were over $400 million in 2001.

IMPAX's application includes a certification under Paragraph IV of the Hatch-Waxman Amendments stating the Company's belief that its product does not infringe Purdue Pharma L.P.'s listed patents on Oxycontin Extended Release Tablets. The FDA's acceptance of the ANDA for filing means that the agency has determined that the application is sufficiently complete so as to permit a review.

``This is our ninth filing of an ANDA under Paragraph IV with the FDA, and was our eighth filing in calendar year 2001,'' said Larry Hsu, Ph.D., President and Chief Operating Officer. ``With this filing, we continue to advance the pipeline of products that will drive our sales growth in the years to come.''

IMPAX currently has fifteen ANDA filings pending at the FDA that address more than $8 billion in U.S. branded product sales. Nine of these filings were made under Paragraph IV of the Hatch-Waxman Amendments, one of which has received tentative approval from FDA.

IMPAX Laboratories, Inc. is a technology based specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and niche generics in addition to the development of branded products. IMPAX markets its generic products through its Global Pharmaceuticals division and intends to market its branded products through the IMPAX Pharmaceuticals division. IMPAX Laboratories is headquartered in Hayward, California, and has a full range of capabilities in its Hayward and Philadelphia facilities. For more information, please visit the Company's Web site at: