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COMPANY CONTACTS:                       INVESTOR RELATIONS CONTACTS:
IMPAX Laboratories, Inc.                Lippert/Heilshorn & Associates, Inc.
Barry R. Edwards                        Kim Sutton Golodetz (kgolodetz@lhai.com)
(215) 933-0323 Ext. 4360                (212) 838-3777
Larry Hsu, Ph.D.                        Bruce Voss (bvoss@lhai.com)
(510) 476-2000 Ext. 1111                (310) 691-7100
Cornel C. Spiegler, CFO                 www.lhai.com
(215) 289-2220 Ext. 1706
www.impaxlabs.com



          IMPAX RECEIVES FINAL FDA APPROVAL FOR OXYCODONE HYDROCHLORIDE
                        CONTROLLED RELEASED TABLETS, 80MG

                             Tenth Approval in 2004

HAYWARD, CALIF. (SEPTEMBER 28, 2004) - IMPAX LABORATORIES, INC. (NASDAQ NM:
IPXL) announced that the U.S. Food and Drug Administration (FDA) has granted
final approval to the Company's Abbreviated New Drug Application (ANDA) for a
generic version of OxyContin(R) (Oxycodone Hydrochloride) Controlled Release 80
mg Tablets. Purdue Pharma markets OxyContin for the management of moderate to
severe pain. According to NDCHealth, U.S. sales of OxyContin Controlled Release
80mg Tablets and its generic equivalent were $688 million for the 12 months
ended July 31, 2004.

Included in communications with the FDA related to the final approval is a
commitment by the Company not to launch the product until a revised Risk
Management Program (RMP) has been submitted to, and is found acceptable by, the
FDA. A revised RMP has recently been submitted to the FDA by the Company.

"This is our tenth ANDA approval this year, which exceeds our full year total of
nine in 2003," commented Barry R. Edwards, Chief Executive Officer of IMPAX. "We
received tentative approval for the product late in 2003 and had anticipated
final approval following the expiration of marketing exclusivity for the first
ANDA filer. Operationally, we have been making preparations for a market launch,
but because of outstanding issues, including pending patent infringement
litigation by Purdue, a final decision on timing has not yet been made," Mr.
Edwards continued.

IMPAX currently has 14 applications pending at the FDA, including four
tentatively approved, which address approximately $4.3 billion in U.S. branded
product sales for the 12 months ended July 31, 2004. Nine of these filings were
made under Paragraph IV of the Hatch-Waxman Amendments.

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
intends to market 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, 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.

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