HAYWARD, Calif.--(BUSINESS WIRE)--Feb. 2, 2007--IMPAX
Laboratories, Inc. (OTC:IPXL) today announced that the Company has
filed a revised submission with the Office of the Chief Accountant
(OCA) of the Securities and Exchange Commission (SEC), seeking the
OCA's concurrence in its proposed revised revenue-recognition policy
relating to transactions under the Company's Strategic Alliance
Agreement with an affiliate of Teva Pharmaceutical Industries, Ltd.
(Teva).
The submission is the culmination of an analysis of the
appropriate accounting under the agreement with Teva that has taken
nearly two years to complete. The content of the submission will
remain confidential until the Company receives a response from the
OCA. The proposed new methodology will not have an impact on the
Company's cash position or liquidity.
Arthur A. Koch, senior vice president and chief financial officer,
said, "This submission is a critical step for IMPAX Laboratories
towards completion of the audits of its 2004, 2005 and 2006 financial
statements and bringing its SEC filings current. We estimate that we
will achieve this within eight to 12 weeks after a favorable
determination by the OCA."
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, its Form
10-K for 2005, and its Form 10-Q for each of the first three quarters
of 2006, 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:
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.