IMPAX ANDA Filing for Generic Version of Tricor Tablets Accepted by FDA

December 2, 2002

December 2, 2002 -- IMPAX Laboratories, Inc. (Nasdaq NM: IPXL) today announced that the United States Food and Drug Administration (FDA) has accepted the Company's filing of an Abbreviated New Drug Application (ANDA) for a generic version of Tricor® (Fenofibrate) 160 mg Tablets. Abbott Laboratories, Inc. markets Tricor for the treatment of very high serum triglyceride levels. U.S. sales of Tricor 160 mg Tablets were approximately $354 million in the 12 months ended September 30, 2002, according to IMS data.

IMPAX's application includes a certification under Paragraph IV of the Hatch-Waxman Amendments stating the Company's belief that its Fenofibrate Tablet product does not infringe certain Abbott listed patents on Tricor Tablets. FDA's acceptance of the IMPAX ANDA for filing means that the Agency has made a threshold determination that the application is sufficiently complete to permit a substantive review.

Larry Hsu, Ph.D., President and Chief Operating Officer of IMPAX, said, "This is another demonstration of the flexibility of our drug delivery technologies and our R&D team's capability to develop new products. We remain on track to reach the high end of our goal of six to eight new product filings in 2002."

IMPAX has 19 ANDAs pending at the FDA that address more than $5.7 billion in U.S. branded product sales for the 12 months ended September 30, 2002. Eleven of these filings were made under Paragraph IV of the Hatch-Waxman Amendments. Four of these 19 pending ANDAs, as well as one strength of a previously approved ANDA, have received tentative approval from the 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: