HAYWARD, Calif.--(BUSINESS WIRE)--March 30, 2004--IMPAX
Laboratories, Inc. (Nasdaq:IPXL) today announced its intention to
offer in a private placement, subject to market and other conditions,
$75 million aggregate principal amount of convertible senior
subordinated debentures due 2024, to qualified institutional buyers
pursuant to Rule 144A, under the Securities Act of 1933, as amended
(the "Securities Act"). In addition, IMPAX Laboratories, Inc. will
grant initial purchasers an option to purchase up to an additional
$11,250,000 of the debentures.
The debentures will be subordinate to certain existing and future
indebtedness of IMPAX Laboratories, Inc., and will be convertible, if
certain conditions are met, into shares of IMPAX Laboratories, Inc.
common stock. The interest rate, conversion rate and offering price
are to be determined by negotiations between IMPAX Laboratories, Inc.
and the initial purchasers of the debentures. The offer of the
debentures is expected to close on or about April 5, 2004.
IMPAX Laboratories, Inc. plans to use the net proceeds from the
offering to fund its ongoing operations and for general corporate
purposes. This announcement is neither an offer to sell nor
solicitation to buy any of these debentures and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
The debentures being offered and the common stock issuable upon
conversion of the debentures have not been registered under the
Securities Act, or any state securities laws, and may not be offered
or sold in the United States, absent registration under, or an
applicable exemption from, the registration requirements of the
Securities Act and applicable state securities laws.
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, 510-476-2000 Ext. 1111
Cornel C. Spiegler, 215-289-2220 Ext. 1706
www.impaxlabs.com
or
Lippert/Heilshorn & Associates, Inc. (Investor Relations)
Kim Sutton Golodetz, 212-838-3777
kgolodetz@lhai.com
Bruce Voss, 310-691-7100
bvoss@lhai.com
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.