IMPAX to Present Oral Argument in SEC Proceeding on May 5th

February 27, 2008

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
kgolodetz@lhai.com
or
Bruce Voss, 310-691-7100
bvoss@lhai.com
www.lhai.com

SOURCE: IMPAX Laboratories, Inc.