HAYWARD, Calif.--(BUSINESS WIRE)--May 27, 2008--IMPAX
Laboratories, Inc. ("IMPAX" or the "Company") reports that on May 23,
2008 the U.S. Securities and Exchange Commission ("SEC") issued an
order revoking the registration of the Company's common stock under
section 12(g) of the Securities and Exchange Act of 1934. The effect
of this action is that broker-dealers are now prohibited from
effecting transactions in the stock until the Company has filed a
registration statement on Form 10 pursuant to section 12(g) and such
registration statement has become effective. The Company expects to
have the required audits completed and to file its Form 10
registration statement on or about June 30, 2008 or shortly
thereafter. Section 12(g) provides that registration statements
thereunder shall become effective within 60 days after filing.
"We are very disappointed the Commission chose to take this
drastic action at this time, but it does not change our plans or
priorities. The completion of the audits for 2004 though 2007 and the
filing of the Form 10 registration statement remain my highest
priorities. We continue to devote every useful resource to complete
this work and we have already made substantial progress with more than
20,000 hours of work by IMPAX, its consultants and its auditors," said
Arthur A. Koch, Jr., senior vice president and chief financial officer
of IMPAX Laboratories.
Larry Hsu, Ph.D., chief executive officer of IMPAX Laboratories
said, "While we have a substantial staff of IMPAX employees and
advisors working on completing the audits and preparing the required
reports, we have more than 700 additional employees focused on our
current business strategies. The continued execution of our strategy
of applying our formulation expertise and drug delivery technology to
the development of controlled-release and specialty generics in
addition to the development of brand products will continue to drive
the growth of our business."
Hsu continued, "Our operations remain unaffected by this drastic
decision by the SEC and we continue to focus on meeting or exceeding
our customers' expectations and investing in our research and
development programs, programs which ultimately define the future of
our Company. At last count, we have 43 generic pharmaceutical products
approved by the U.S. Food and Drug Administration ("FDA"), and a
further 71 products pending FDA review or under development that
target currently marketed products with more than $29 billion in U.S.
brand and generic sales. Also, construction is underway on a new
facility in Taiwan that will increase our manufacturing capacity by
50%. We are looking forward to filing the required re-registration
statements as soon as is practicable."
IMPAX had cash, cash equivalents and marketable securities of
$136.6 million and long-term debt of approximately $82 million as of
March 31, 2008 and the Company has approximately 58 million shares of
common stock outstanding.
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 and revocation of the
registration of IMPAX's common stock under section 12 of the
Securities Exchange Act, the actual time that will be required to file
a registration statement on Form 10 under section 12 and for such
registration statement to become effective, 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 A. Koch, Jr., Sr. VP & CFO, 215-933-0351
Mark Donohue, Sr. Director IR, 215-933-3526
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.