HAYWARD, Calif.--(BUSINESS WIRE)--Jan. 6, 2004--IMPAX
Laboratories, Inc. (Nasdaq: IPXL) announced today that the Company's
Chairman Charlie Hsiao, PhD, will be leading a new venture, IMPAX
Technologies, that will operate as a division of IMPAX Laboratories.
In order to concentrate his efforts on this new endeavor, Dr. Hsiao is
relinquishing his position as Co-Chief Executive Officer, but will
remain as Chairman of the Board. In line with the changes in Dr.
Hsiao's role, IMPAX's Board of Directors has elected Barry R. Edwards,
sole Chief Executive Officer effective January 1, 2004. Previously,
Mr. Edwards had been Co-Chief Executive Officer.
"As one of the founders of IMPAX, I am pleased to have been able
to guide the Company in its rapid growth in product filings, revenues
and market capitalization. It has been particularly rewarding to see
many product concepts move from the development stage through to the
final approval and market launch," said Dr. Hsiao. "We have built a
strong management team at IMPAX that will now allow me to focus on
what I love most -- working in the formulation laboratory creating new
products to help drive further growth."
"Charlie has been instrumental in enabling the Company to grow
from just a concept into a publicly traded company with a market
valuation in excess of $750 million" stated Barry R. Edwards, IMPAX
Chief Executive Officer. "His assumption of a founding role in our
newest division, IMPAX Technologies, will help the creative
development of new technologies for the future."
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: www.impaxlabs.com.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995:
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking in nature and express the beliefs and expectations of
management. Such statements are based on current expectations and
involve a number of known and unknown risks and uncertainties that
could cause Impax's future results, performance or achievements to
differ significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, Impax's ability to
obtain sufficient capital to fund its operations, the difficulty of
predicting FDA filings and approvals, consumer acceptance and demand
for new pharmaceutical products, the impact of competitive products
and pricing, Impax's ability to successfully develop and commercialize
pharmaceutical products, Impax's reliance on key strategic alliances,
the uncertainty of patent litigation, the availability of raw
materials, the regulatory environment, dependence on patent and other
protection for innovative products, exposure to product liability
claims, fluctuations in operating results and other risks detailed
from time to time in Impax's filings with the Securities and Exchange
Commission. Forward-looking statements speak only as to the date on
which they are made, and Impax undertakes no obligation to update
publicly or revise any forward-looking statement, regardless of
whether new information becomes available, future developments occur
or otherwise.
CONTACT: IMPAX Laboratories, Inc.
Barry R. Edwards, 215-289-2220, ext. 1771
Larry Hsu, Ph.D., 510-476-2000, ext. 1111
Cornel C. Spiegler, 215-289-2220, ext. 1706
www.impaxlabs.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz (kgolodetz@lhai.com)
212-838-3777
or
Bruce Voss (bvoss@lhai.com)
310-691-7100
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.