[Graphic Omitted] IMPAX
                  LABORATORIES, INC.


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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MARCH 10, 2005

                    IMPAX TO FILE 2004 10-K FILING EXTENSION

HAYWARD, Calif.--(BUSINESS WIRE)--March 14, 2005--IMPAX Laboratories, Inc.
(Nasdaq:IPXL - News) today announced that it intends to file a Notification of
Late Filing on Form 12b-25 with the Securities and Exchange Commission (SEC) for
its Form 10-K for the year 2004. The Company expects to be able to file the 10-K
by the end of March, within the 15 day extension provided by the SEC. IMPAX will
issue a press release to announce when it plans to release fourth quarter and
year-end 2004 results and details regarding its related quarterly conference
call.

The Company is filing for the extension to allow time to complete the year-end
financial closing and audit, including reviewing necessary information from its
strategic partner Teva for certain commercial products sold under its agreement
with them. The restatements announced last quarter significantly increased the
complexity and scope of the year-end audit process. The extension also is needed
to allow additional time to complete the extensive Sarbanes-Oxley Section 404
internal controls requirements, necessary for the first time with this year's
filing, and additional time for the Company to investigate and evaluate
potential material weaknesses or potential significant deficiencies in
connection with the internal control 404 evaluation.

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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