HAYWARD, Calif.--(BUSINESS WIRE)--April 6, 2005--IMPAX
Laboratories, Inc. (NASDAQ:IPXL) today announced that on April 5, 2005
it 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 is subject to delisting from The Nasdaq Stock Market. IMPAX
intends to request a hearing before a Nasdaq Listing Qualifications
Panel to review the Staff's determination, although there can be no
assurance that the Panel will grant IMPAX's request for continued
listing. IMPAX had previously notified Nasdaq of the delinquent 2004
Form 10-K on March 31, 2005.
The letter also informed IMPAX that, as a result of the delinquent
2004 Form 10-K, a fifth character "E" will be appended to IMPAX's
trading symbol and that the trading symbol for IMPAX's common stock
will be changed from "IPXL" to "IPXLE" at the opening of business on
April 7, 2005.
On March 31, 2005, IMPAX announced that it was not able to file
its 2004 Form 10-K by March 31, 2005. IMPAX requires additional time
to complete the year-end financial closing. The nature of the
restatements announced in the fourth quarter of 2004 significantly
increased the complexity and scope of the year-end closing process.
The delay also has been caused by the additional time required to
complete the extensive Sarbanes-Oxley Section 404 internal controls
requirements, necessary for the first time with this year's 2004 Form
10-K filing, and additional time required for IMPAX to investigate and
evaluate potential material weaknesses or potential significant
deficiencies in connection with the Sarbanes-Oxley Section 404
internal control evaluation.
IMPAX is endeavoring to complete the year-end financial closing
and internal control assessment and file the 2004 Form 10-K as soon as
possible, but currently is unable to predict when the 2004 Form 10-K
will be filed.
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
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
Bruce Voss, 310-691-7100
bvoss@lhai.com
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.