HAYWARD, Calif.--(BUSINESS WIRE)--March 9, 2005--IMPAX
Laboratories, Inc. (NASDAQ:IPXL) today announced that Biovail
Laboratories Inc., a subsidiary of Biovail Corporation (NYSE:BVF)
(TSX:BVF), has filed a lawsuit against the Company in the United
States District Court, Eastern District of Pennsylvania
(Philadelphia), alleging patent infringement related to IMPAX's filing
for a generic version of Wellbutrin XL(R). IMPAX has submitted its
filing with the U.S. Food and Drug Administration (FDA) under
Paragraph IV of the Hatch-Waxman Amendments, stating that it believes
its generic versions of Wellbutrin XL 150 and 300 mg tablets do not
infringe Biovail's listed patents or that the listed patents are
invalid or unenforceable.
GlaxoSmithKline markets Wellbutrin XL and for the treatment of
depression. According to NDCHealth, U.S. sales of Wellbutrin XL
tablets were approximately $1 billion in the 12 months ended December
31, 2004
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 (kgolodetz@lhai.com)
212-838-3777
Bruce Voss (bvoss@lhai.com)
310-691-7100
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.