HAYWARD, Calif., Mar 14, 2005 (BUSINESS WIRE) -- IMPAX Laboratories, Inc. (Nasdaq:IPXL) today announced
that it intends to file a Notification of Late Filing on Form 12b-25
with the Securities and Exchange Commission (SEC) for its Form 10-K
for the year 2004. The Company expects to be able to file the 10-K by
the end of March, within the 15 day extension provided by the SEC.
IMPAX will issue a press release to announce when it plans to release
fourth quarter and year-end 2004 results and details regarding its
related quarterly conference call.
The Company is filing for the extension to allow time to complete
the year-end financial closing and audit, including reviewing
necessary information from its strategic partner Teva for certain
commercial products sold under its agreement with them. The
restatements announced last quarter significantly increased the
complexity and scope of the year-end audit process. The extension also
is needed to allow additional time to complete the extensive
Sarbanes-Oxley Section 404 internal controls requirements, necessary
for the first time with this year's filing, and additional time for
the Company to investigate and evaluate potential material weaknesses
or potential significant deficiencies in connection with the internal
control 404 evaluation.
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, Calif., 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. For example, words such as "may," "will," "should,"
"estimates," "predicts" "potential," "continue," "strategy,"
"believes," "anticipates," "plans," "expects," "intends" and similar
expressions are intended to identify forward-looking statements. 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, the effects of potential material
weaknesses and significant deficiencies in internal controls
discovered in the assessment of the Company's internal controls 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.
SOURCE: IMPAX Laboratories, Inc.
IMPAX Laboratories, Inc.
Barry R. Edwards, 215-933-0323, x4360
Larry Hsu, Ph.D., 510-476-2000, x1111
Cornel C. Spiegler, 215-289-2220, x1706
www.impaxlabs.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777
[email protected]
Bruce Voss, 310-691-7100
[email protected]
www.lhai.com