HAYWARD, Calif.--(BUSINESS WIRE)--March 6, 2008--IMPAX
Laboratories, Inc. (OTC:IPXL) today announced that Pfizer Inc.,
Pharmacia & Upjohn Co. LLC, and Pfizer Health AB (collectively
"Pfizer") have filed a lawsuit against the Company in the United
States District Court for the Southern District of New York alleging
patent infringement related to IMPAX's filing of an Abbreviated New
Drug Application (ANDA) for generic versions of Detrol LA(R) 2mg and
4mg capsules. IMPAX's ANDA submission includes a Paragraph IV
certification stating the Company believes its product does not
infringe Pfizer's listed patents or that the listed patents are
invalid or unenforceable.
Pfizer markets Detrol LA for the treatment of overactive bladder
and urinary incontinence. According to Wolters Kluwer Health, U.S.
sales of Detrol LA capsules were approximately $857 million in the 12
months ended January 31, 2008.
"This suit is just a delaying tactic to prevent patients from
accessing generic drugs sooner," commented Larry Hsu, Ph.D., president
and chief executive officer of IMPAX Laboratories. "We believe that it
is without merit and we will vigorously defend our ANDA."
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, 2006, and
2007, its Form 10-K for 2005 and 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, x1111
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.