IMPAX Appoints Peter Terreri to Its Board of Directors

January 21, 2003

Jan. 21, 2003--IMPAX Laboratories, Inc. (Nasdaq:IPXL) today announced the appointment of Peter R. Terreri, CPA to the Company's Board of Directors, effective immediately. Mr. Terreri fills the position left by Michael Wokasch, who stepped down to become the Company's chief operating officer.

Mr. Terreri has over 20 years of experience primarily in generic pharmaceuticals with a specialized expertise in finance. Currently he is President & CEO of CGM, Inc., a manufacturing company that he owns and operates and is responsible for all functional areas of the business. Prior to CGM, Mr. Terreri was Senior Vice President and Chief Financial Officer of Teva Pharmaceuticals USA from 1985 to 2000 where he actively participated in the growth of Teva from a $20 million local generic pharmaceutical company into a global leader in generic pharmaceuticals. As an active member of senior management, he was involved in all facets of decisions within Teva, including structuring and negotiating company and product acquisitions, participating in multiple public financings, and securing several licensing deals and a substantial credit line. In addition to his role as CFO, Mr. Terreri contributed to many areas related to the Company's success outside of finance, including product development selection, facility utilization, business development, strategic planning and implementing integration plans for the Company's acquisitions. He also supervised areas such as operations, sales and marketing, and information technology during his tenure.

"We are fortunate to add such an outstanding generic industry executive as Peter to the board," commented Charles Hsiao, Ph.D., Chairman of IMPAX Laboratories. "We believe that his financial expertise, pro-active leadership and valuable industry experience will allow us to tap his extensive experience. We expect Peter will be a strong addition to our board of directors."

Commenting on his appointment Mr. Terreri stated, "I am very excited to be joining the IMPAX Laboratories board of directors. I am looking forward to playing a part in the growth of the Company as it executes on its business plan."

Mr. Terreri received his BS in Accounting from Drexel University and has been a CPA since 1981.

IMPAX has 21 ANDAs pending at the FDA, including five tentatively approved, that address more than $6.1 billion in U.S. branded product sales for the 12 months ended September 30, 2002. Fourteen of these filings were made under Paragraph IV of the Hatch-Waxman Amendments.

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: