HAYWARD, Calif.--(BUSINESS WIRE)--May 25, 2007--IMPAX
Laboratories, Inc. (OTC: IPXL) today announced that patent
infringement litigation pertaining to its generic version of Purdue
Pharma's OxyContin(R) (oxycodone HCl extended-release) Tablets has
been dismissed by the United States District Court for the Southern
District of New York pursuant to a settlement between IMPAX and Purdue
Pharma L.P. and certain of its affiliates. The full terms of the
settlement will become effective today and are consistent with the
terms previously disclosed by the parties on March 30, 2007. The
settlement, which provides for a full release of IMPAX, its
distributor DAVA Pharmaceuticals, as well as its purchasers, includes
a license for IMPAX and DAVA to continue selling the IMPAX generic
oxycodone product until June 14, 2007. The agreement further provides
for a license to sell an additional limited quantity of product for a
limited time in the future. Additional terms of the settlement
agreement were not disclosed.
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 2004 Form 10-K,
its Form 10-Q for each of the first three quarters of 2005 and 2006,
its Form 10-K for 2005 and 2006, and its Form 10-Q for the first
quarter of 2007, 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: IMPAX Laboratories, Inc.
Larry Hsu, Ph.D. President & CEO, 510-476-2000, Ext. 1111
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
Bruce Voss, 310-691-7100
bvoss@lhai.com
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.