IMPAX Shareholders Re-Elect Board Members

May 19, 2003

May 19, 2003 -- IMPAX Laboratories, Inc. (Nasdaq:IPXL) today announced that, at its Annual Meeting held May 15, 2003, shareholders voted to re-elect all members of its Board of Directors. The following individuals were re-elected to serve until the next Annual Meeting of Shareholders: Messrs. Robert L. Burr, Barry R. Edwards, David J. Edwards, Michael Markbreiter, Oh Kim Sun, Peter R. Terreri and Drs. Leslie Z. Benet, Nigel Fleming, Charles Hsiao and Larry Hsu.

The IMPAX shareholders also ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent certified public accountants for the 2003 fiscal year.

IMPAX has 19 applications pending at the FDA, including three tentatively approved, that address approximately $6.0 billion in U.S. branded product sales for the twelve months ended December 31, 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: