June 18, 2002 -- IMPAX Laboratories, Inc. (Nasdaq NM: IPXL) today announced
that it has issued 463,135 shares of IMPAX common stock to a subsidiary of Teva
Pharmaceutical Industries Ltd. for net proceeds to the Company of approximately
$3.75 million.
Under the terms of a strategic alliance announced in June 2001, Teva has made
equity investments in IMPAX totaling $15 million under a fixed schedule through
June 2002. This was the last scheduled purchase under that agreement. Through
these investments, Teva purchased a total of 1,462,083 shares, or approximately
3% of shares outstanding.
In addition to the $15 million investment, under the terms of the agreement
announced on June 27, 2001, IMPAX also received a $22 million refundable deposit
from TEVA, which may be earned upon attainment of certain milestones. These
payments are part of the alliance with TEVA covering eleven products, seven
of which are currently filed with the U.S. Food and Drug Administration (FDA),
and an option on one further product currently filed with the FDA.
IMPAX currently has 15 Abbreviated New Drug Application (ANDA) filings pending
at the FDA that address more than $8.7 billion in U.S. branded product sales
during 2001. Nine of these filings were made under Paragraph IV of the Hatch-Waxman
Amendments, three of which have received tentative approval from the FDA.
IMPAX Laboratories, Inc. is a technology focused 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: www.impaxlabs.com.