HAYWARD, Calif.--(BUSINESS WIRE)--June 19, 2007--IMPAX
Laboratories, Inc. (OTC:IPXL) today announced that Abbott Laboratories
has filed a lawsuit against the Company in the United States District
Court for the District of Delaware alleging patent infringement
related to IMPAX's filing of an Abbreviated New Drug Application
(ANDA) for generic versions of Depakote(R) ER 250mg and 500mg tablets.
IMPAX's submission includes a Paragraph IV certification stating the
Company believes its product does not infringe Abbott's listed patents
or that the listed patents are invalid.
Abbott markets Depakote ER for the treatment of epilepsy and
bipolar disorders. According to Wolters Kluwer Health, U.S. sales of
Depakote ER tablets were approximately $697 million in the 12 months
ended April 30, 2007.
"Our aim is to provide patients with cost effective drugs,"
commented Larry Hsu, Ph.D., president and chief executive officer of
IMPAX Laboratories. "We do not believe our product infringes this
patent and we intend to vigorously defend our product."
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: Company Contacts:
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.