HAYWARD, Calif.--(BUSINESS WIRE)--Sept. 8, 2004--IMPAX
Laboratories, Inc. (Nasdaq:IPXL) announced today that its Omeprazole
Delayed Release Capsules 20mg have been commercially launched by Teva
Pharmaceutical Industries Ltd. (Nasdaq:TEVA). Omeprazole Delayed
Release Capsules are a generic version of Prilosec(R) marketed by
AstraZeneca for the treatment of duodenal/gastric ulcers and GERD
(gastro-esophageal reflux disease). According to NDC Health, U.S.
sales of Prilosec 20mg and its generic equivalents were $1.2 billion
for the twelve months ending June 30, 2004.
As provided for in the Strategic Alliance Agreement between IMPAX
and Teva signed in June 2001, as amended, the parties have agreed to
certain risk-sharing arrangements relating to an Omeprazole launch.
AstraZeneca previously commenced litigation against IMPAX and other
generic manufacturers arising from the marketing of Omeprazole Delayed
Release Capsules, 10mg, and 20mg and 40mg. This litigation is
currently pending.
"The launch of Omeprazole Delayed Release Capsules 20mg is another
milestone in the growth of our company," said Barry R. Edwards, CEO of
IMPAX. "While there are already several competitors in this market, we
believe in Teva's ability to effectively gain distribution, over time,
in this large generic market."
IMPAX currently has 14 applications pending at the FDA, including
five tentatively approved, which address approximately $4.9 billion in
U.S. product sales for the twelve months ended June 30, 2004, based on
NDCHealth data. Ten 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: 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, 215-933-0323 Ext. 4360
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, 212-838-3777
kgolodetz@lhai.com
Bruce Voss, 310-691-7100
bvoss@lhai.com
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.