[Graphic IMPAX
Omitted: LABORATORIES, INC.
Logo]
COMPANY CONTACTS: INVESTOR RELATIONS CONTACTS:
IMPAX Laboratories, Inc. Lippert/Heilshorn & Associates, Inc.
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Barry R. Edwards, CEO Kim Sutton Golodetz (kgolodetz@lhai.com)
(215) 933-0323 Ext. 4360 (212) 838-3777
Larry Hsu, Ph.D. President 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
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IMPAX ANNOUNCES BIOVAIL'S LAWSUIT RELATED TO GENERIC
VERSIONS OF WELLBUTRIN XL
HAYWARD, CALIF. (MARCH 9, 2005) - IMPAX LABORATORIES, INC. (NASDAQ NM: IPXL)
today announced that Biovail Laboratories Inc., a subsidiary of Biovail
Corporation (NYSE: BVF; TSX: BVF), has filed a lawsuit against the Company in
the United States District Court, Eastern District of Pennsylvania
(Philadelphia), alleging patent infringement related to IMPAX's filing for a
generic version of Wellbutrin XL(R). IMPAX has submitted its filing with the
U.S. Food and Drug Administration (FDA) under Paragraph IV of the Hatch-Waxman
Amendments, stating that it believes its generic versions of Wellbutrin XL 150
and 300 mg tablets do not infringe Biovail's listed patents or that the listed
patents are invalid or unenforceable.
GlaxoSmithKline markets Wellbutrin XL and for the treatment of depression.
According to NDCHealth, U.S. sales of Wellbutrin XL tablets were approximately
$1 billion in the 12 months ended December 31, 2004
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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