HAYWARD, Calif.--(BUSINESS WIRE)--May 23, 2005--IMPAX
Laboratories, Inc. (NASDAQ:IPXLE) today announced that on May 17, 2005
it received a Nasdaq Staff determination letter (the "May 17th
Letter") indicating that IMPAX failed to comply with the requirement
for continued listing set forth in NASDAQ Marketplace Rule 4310(c)(14)
because IMPAX failed to file its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2005 (the "First Quarter 2005 Form 10-Q"). As
previously reported, on April 5, 2005 IMPAX received a Nasdaq Staff
determination letter indicating that IMPAX failed to comply with the
requirement for continued listing set forth in NASDAQ Marketplace Rule
4310(c)(14) because IMPAX failed to file its Annual Report on Form
10-K for the fiscal year ended December 31, 2004 (the "2004 Form
10-K") with Nasdaq and, therefore, IMPAX's common stock would be
subject to delisting from The Nasdaq Stock Market.
The May 17th Letter said that the Nasdaq Listing Qualifications
Panel would consider the First Quarter 2005 Form 10-Q filing
delinquency in rendering a determination regarding IMPAX's continued
listing on The Nasdaq National Market. IMPAX appeared at a hearing
before a Nasdaq Listing Qualifications Panel on May 19, 2005 to review
the Staff's determination to delist IMPAX's common stock, although
there can be no assurance that the Panel will grant IMPAX's request
for continued listing. To date, IMPAX has not received any decision
from the Nasdaq Listing Qualifications Panel.
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, possible adverse
effects resulting from Impax's delay in filing its 2004 Form 10-K and
its Form 10-Q for the first quarter of 2005 including possible
delisting from the NASDAQ National Market, 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, CEO, 215-933-0323 Ext. 4360
Larry Hsu, Ph.D., President, 510-476-2000 Ext. 1111
www.impaxlabs.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777
kgolodetz@lhai.com
or
Bruce Voss, 310-691-7100
bvoss@lhai.com
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.