Impax Laboratories Receives Final FDA Approval for Generic OPANA(R) ER Tablets

July 22, 2010

HAYWARD, Calif., Jul 22, 2010 (BUSINESS WIRE) -- Impax Laboratories, Inc. (NASDAQ:IPXL) today announced that the U.S. Food and Drug Administration (FDA) has granted final approval of the Company's Abbreviated New Drug Application (ANDA) for the generic version of OPANA(R) ER (oxymorphone hydrochloride) Extended Release 30mg tablet. In June 2010, the Company was granted final approval for the 5mg, 10mg, 20mg, and 40mg tablets.

As previously announced, in June 2010, the Company reached agreement with Endo Pharmaceuticals and Penwest Pharmaceuticals to grant the Company a license to sell a generic of OPANA(R) ER on Jan. 1, 2013 or earlier under certain circumstances.

The Company was the first to file a paragraph IV certification on these strengths and will be entitled to 180 days of market exclusivity upon product launch. Global Pharmaceuticals, Impax's generic division will commercialize the product on Jan. 1, 2013 or earlier under certain circumstances.

Endo Pharmaceuticals and Penwest Pharmaceuticals manufacture and market OPANA(R) ER for the treatment of moderate to severe pain. According to Wolters Kluwer Health, U.S. sales of OPANA(R) ER tablets were approximately $254 million for the 12 months ended May 31, 2010.

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, Philadelphia and Taiwan facilities. For more information, please visit the Company's Web site at:

"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 the Company'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; ability to timely file periodic reports required by the Exchange Act; ability to maintain an effective system of internal control over financial reporting; ability to sustain profitability and positive cash flows; ability to maintain sufficient capital to fund operations; any delays or unanticipated expenses in connection with the construction of our Taiwan facility; ability to successfully develop and commercialize pharmaceutical products; the uncertainty of patent litigation; consumer acceptance and demand for new pharmaceutical products; the impact of competitive products and pricing; the difficulty of predicting Food and Drug Administration filings and approvals; inexperience in conducting clinical trials and submitting new drug applications; reliance on key alliance agreements; the availability of raw materials; the regulatory environment; exposure to product liability claims; fluctuations in operating results and other risks described in our Annual Report on Form 10-K for the year ended December 31, 2008. 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.

SOURCE: Impax Laboratories, Inc.

Impax Laboratories, Inc.
Mark Donohue
Sr. Director, Investor Relations and Corporate Communications