HAYWARD, Calif.--(BUSINESS WIRE)--Feb. 27, 2008--IMPAX
Laboratories, Inc. (OTC:IPXL) today reported that the U.S. Securities
and Exchange Commission (SEC) has set May 5, 2008 as the date on which
it will hear the oral argument in the Company's appeal of the
Administrative Law Judge's April 2007 initial decision to revoke the
registration of IMPAX's common stock under Section 12 of the
Securities Exchange Act of 1934.
As previously reported, the Administrative Law Judge's decision
was based upon the Company's failure to file periodic reports since
its quarterly report for the period ended September 30, 2004, which in
turn was based upon the need to develop an appropriate accounting
treatment for transactions under a strategic alliance agreement. Since
late July 2007, when the Company received advice on its proposed
accounting from the SEC's Office of the Chief Accountant, the Company
has been actively engaged in the effort to complete the audits of its
2004 through 2007 fiscal years. The Company currently estimates that
the delinquent reports will be filed by April 30, 2008.
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 A. Koch, Jr., Sr. VP & CFO
215-933-0351
www.impaxlabs.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777
[email protected]
or
Bruce Voss, 310-691-7100
[email protected]
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.