Impax Laboratories to commence search for new CEO
Dr. Hsu to remain CEO until a replacement CEO is named; will
remain on Board of Directors
HAYWARD, Calif.--(BUSINESS WIRE)--
Impax Laboratories, Inc. (NASDAQ: IPXL) today announced
that Dr. Larry Hsu plans to retire as President and Chief Executive
Officer of Impax Laboratories, Inc. Dr. Hsu will remain with the Company
in his current position until a replacement CEO is hired; he will also
remain a member of the Board of Directors following the appointment of
his successor.
Dr. Allen Chao will lead a three-person search committee, which includes
Dr. Hsu and Bob Burr, Chairman of the Board of Directors of Impax, to
identify and hire Dr. Hsu’s replacement.
Dr. Hsu and the current management team will manage the Company through
this transition period. The Board of Directors will be working closely
with Dr. Hsu to ensure an orderly transition.
“Larry has been instrumental in every step of Impax' development. As
co-founder and later CEO, he helped guide the Company from its founding
in 1994, through the 1999 reverse merger with Global Pharmaceuticals
that gave Impax its current shape, up through today,” said Bob Burr,
Chairman of the Board of Directors of Impax. “Since becoming CEO in
2006, Larry has led Impax through an important period of substantial
growth resulting in a four-fold increase in revenues, a strong balance
sheet, initiating the Company’s brand strategy and successfully
positioning the Company for long-term future growth.”
“The Board of Directors remains confident in and committed to the
Company’s strategic direction. We are focused on finding a successor CEO
that will lead Impax through its future growth,” Mr. Burr added. “During
this time, we will remain focused on our highest corporate priority,
promptly and successfully addressing our FDA compliance, while
simultaneously continuing to execute on our core competencies in drug
delivery expertise, formulation technology and our extensive experience
in product development.”
“I am extremely proud of the many accomplishments Impax has realized
over the past several years,” said Dr. Hsu. “I am truly grateful for the
support I’ve received from the Board of Directors, the executive
management team, our customers and our employees. I am confident Impax
is well positioned to execute on its long-term business strategy. With
an executive management team that boasts significant generic and brand
industry experience, I know Impax is well positioned for great success
in the future. I look forward to being a key participant in the process
of selecting my successor as CEO and ensuring our future growth as a
continuing member of the Board of Directors.”
About Impax Laboratories, Inc.
Impax Laboratories, Inc. (Impax) 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 central nervous
system disorder 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 develops marketing partnerships to
fully leverage its technology platform and pursues partnership
opportunities that offer alternative dosage form technologies, such as
injectables, nasal sprays, inhalers, patches, creams and ointments. 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 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, the effect of current economic conditions on the
Company’s industry, business, financial position and results of
operations, fluctuations in revenues and operating income, the Company’s
ability to promptly correct the issues raised in the warning letter and
Form 483 observations received from the FDA, the Company’s ability to
successfully develop and commercialize pharmaceutical products in a
timely manner, reductions or loss of business with any significant
customer, the impact of consolidation of the Company’s customer base,
the impact of competition, the Company’s ability to sustain
profitability and positive cash flows, any delays or unanticipated
expenses in connection with the operation of the
Company’s Taiwan facility, the effect of foreign economic, political,
legal and other risks on the Company’s operations abroad, the
uncertainty of patent litigation, the increased government scrutiny on
the Company’s agreements with brand pharmaceutical companies, consumer
acceptance and demand for new pharmaceutical products, the impact of
market perceptions of the Company and the safety and quality of the
Company’s products, the difficulty of predicting FDA filings and
approvals, the Company’s ability to achieve returns on its investments
in research and development activities, the Company’s inexperience in
conducting clinical trials and submitting new drug applications, the
Company’s ability to successfully conduct clinical trials, the Company’s
reliance on third parties to conduct clinical trials and testing, impact
of illegal distribution and sale by third parties of counterfeits or
stolen products, the availability of raw materials and impact of
interruptions in the Company’s supply chain, the use of controlled
substances in the Company’s products, disruptions or failures in the
Company’s information technology systems and network infrastructure, the
Company’s reliance on alliance and collaboration agreements, the
Company’s dependence on certain employees, the Company’s ability to
comply with legal and regulatory requirements governing the healthcare
industry, the regulatory environment, the Company’s ability to protect
its intellectual property, exposure to product liability claims, changes
in tax regulations, the Company’s ability to manage growth, including
through potential acquisitions, the restrictions imposed by the
Company’s credit facility, uncertainties involved in the preparation of
the Company’s financial statements, the Company’s ability to maintain an
effective system of internal control over financial reporting, the
effect of terrorist attacks on the Company’s business, the location of
the Company’s manufacturing and research and development facilities near
earthquake fault lines and other risks described in the Company’s
periodic reports filed with the Securities and Exchange
Commission. Forward-looking statements speak only as to the date on
which they are made, and the Company 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.