IMPAX Appoints Michael Wokasch Chief Operating Officer

January 3, 2003

January 3, 2003 -- IMPAX Laboratories, Inc. (Nasdaq NM: IPXL) today announced the appointment of Michael G. Wokasch to the position of Chief Operating Officer, filling a function performed by Larry Hsu, who remains President. Mr. Wokasch, 51, has over 20 years of pharmaceutical experience in all aspects of the business, including operations, product development and commercialization, distribution, and sales and marketing. In conjunction with his appointment, Mr. Wokasch has relinquished his seat on the Company's Board of Directors.

Mr. Wokasch was, from July 2001 until the present, President of PanVera LLC, a wholly owned subsidiary of Vertex Pharmaceuticals, where he had complete operational, commercial and strategic responsibility for the Company. In March 2002, Mr. Wokasch was appointed President of Aurora Biosciences where he supervised the transfer of Aurora's technology assets to PanVera.

Prior to his position at PanVera, Mr. Wokasch was, from June 2000 to July 2001, CEO and President of Gala Design Inc., a Wisconsin-based biotechnology start-up that specialized in the production of pharmaceutical proteins from transgenic cattle. At Gala Design, he helped formalize its strategic and commercial business plans.

Throughout his career, Mr. Wokasch has held a variety of other senior management positions at companies such as Promega Corporation, a privately-held multinational biotechnology company, Abbott Laboratories, Bayer Corporation and Merck & Co. In addition, from 1997 to 1999, Mr. Wokasch was Corporate Senior Vice President and Group President of Covance Early Development, which was spun out of Corning, Inc. In this capacity, Mr. Wokasch fostered the concept of Strategic Product Development, aligning company resources to expedite pharmaceutical drug development as he oversaw all facility and administrative planning, new service development and implementation. In addition, he was responsible for Total Quality Management and its continuous improvement, including initiating ISO certification for all 10 company locations.

"Mr. Wokasch exits PanVera as a high growth, highly profitable company with over 120 employees and a broad biopharmaceutical customer base and we are very pleased to have been able to attract someone of Mike's abilities to IMPAX on a full time basis," said Larry Hsu, Ph.D., President of IMPAX Laboratories. "Mike has made significant contributions to IMPAX as a director, and we look forward to benefiting from his strong commercial and operational background. In his new role, Mr. Wokasch will be responsible for manufacturing, packaging, engineering, materials management, warehousing and human resources."

Commenting on his appointment, Mr. Wokasch said, "As a former member of the board, I am very cognizant of the Company's strong product portfolio, substantial pipeline, efficiencies that may be derived with the new manufacturing facility, and its tremendous potential. I believe that the Company is well-positioned for growth and I look forward to contributing even more to its continued success."

Mr. Wokasch received his B.S. in Pharmacy from the University of Minnesota in 1978 and was a member of the Rho Chi Pharmacy Honor Society. He is currently a member of the Greater Madison Chamber of Commerce and has held previous Board positions with the Wisconsin Biotech Association and Virginia Biotech Research Park.

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 specialty 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. Additionally, where strategically appropriate, IMPAX has developed marketing partnerships to fully leverage its technology platform. 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: