HAYWARD, Calif.--(BUSINESS WIRE)--Aug. 15, 2006--IMPAX
Laboratories, Inc. (OTC:IPXL) today announced that its President,
Larry Hsu, Ph.D., will assume the additional position of Chief
Executive Officer on October 1, 2006. He will replace Barry R.
Edwards, the Company's current CEO, who is also resigning as a
director of the Company. Mr. Edwards will serve as a special
consultant to the Company through October 2008.
Commenting on the change in management, Charles Hsiao, Ph.D.,
chairman of the board of directors, said, "Since forming IMPAX, we
have assembled a strong leadership team, set a clear strategy, focused
on development excellence, created new product opportunities and built
a solid infrastructure. We are fortunate to have in Larry Hsu a
talented executive who is ready and highly capable to take on the
responsibilities of chief executive. We are very sorry that Barry will
no longer be managing the day to day activities of the Company, but
are delighted that he has agreed to remain involved for the next two
years. Barry will long be remembered for his inspired leadership
during this remarkable period of growth and transformation. "
"I am extremely gratified by the Board's confidence," Dr. Hsu
said. "It is an honor to be asked to lead this company, which I
co-founded more than 10 years ago. I am grateful to Barry for his
stewardship during the past seven years. Thanks to his vision, IMPAX
today is a vastly different and more mature company than the one he
was asked to lead in 1999."
"The Board of Directors has great confidence in Larry's leadership
and in his vision for IMPAX Laboratories," said Mr. Edwards. "He
helped create IMPAX's business strategy and he understands, as I do,
that the Company's strength lies in the hundreds of employees who have
been and continue to be a critical component of our success. The
transition is expected to be orderly as several important functions,
in particular sales and finance, have been reporting to Larry for some
time. Nevertheless, I intend to work closely with Larry to ensure that
the transition is seamless."
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 IMPAX's stock, 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
the first quarter of 2006, 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.
Barry R. Edwards,
215-933-0360
Larry Hsu, Ph.D.
510-476-2000, x1111
Arthur Koch,
215-933-0351
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
SOURCE: IMPAX Laboratories, Inc.