HAYWARD, Calif.--(BUSINESS WIRE)--July 25, 2007--IMPAX
Laboratories, Inc. (OTC:IPXL) ("IMPAX" or the "Company") reported that
it has completed its discussions with the Office of the Chief
Accountant ("OCA") of the Securities and Exchange Commission ("SEC")
concerning the manner in which the Company will account for
transactions under its Strategic Alliance Agreement with an affiliate
of Teva Pharmaceutical Industries, Ltd. The Company is proceeding with
the completion of the audits of its 2004, 2005 and 2006 financial
statements and, based on information currently available, estimates
that it will be able to bring its SEC filings current within eight to
twelve weeks.
IMPAX has not filed a periodic report with the SEC since its
report for the period ended September 30, 2004 because, as previously
announced, it has been working to determine the appropriate accounting
treatment for transactions under the Teva agreement and has sought the
guidance from the OCA as to its proposed treatment.
"This is the milestone toward which we've been working for more
than two years," commented Senior Vice President and Chief Financial
Officer Arthur A. Koch, Jr., "as it has been the key to completion of
our audits and ability to file our delinquent reports. We are grateful
for the cooperation we have received from everyone involved in the
process and look forward to once again providing our investors with
financial statements on a current basis."
About IMPAX Laboratories, Inc.
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 markets 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 the delisting of and suspension of trading in
IMPAX's stock, the SEC proceeding to determine whether to suspend or
revoke the registration of IMPAX's securities under section 12 of the
Securities Exchange Act, IMPAX's delay in filing its periodic reports
since its Form 10-Q for the third quarter of 2004, the actual time
that will be required to complete the filing of IMPAX's delinquent
periodic reports, 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: Company Contacts:
IMPAX Laboratories, Inc.
Larry Hsu, Ph.D. President & CEO
510-476-2000, ext. 1111
or
Arthur Koch, CFO, 215-933-0351
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.