[GRAPHIC OMITTED]  IMPAX
                   LABORATORIES, INC.


COMPANY CONTACTS:                       INVESTOR RELATIONS CONTACTS:
IMPAX Laboratories, Inc.                Lippert/Heilshorn & Associates, Inc.
- ------------------------                ------------------------------------
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
www.impaxlabs.com                       www.lhai.com
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                         IMPAX RECEIVES FDA APPROVAL FOR
                GENERIC VERSION OF RIMADYL, A VETERINARY PRODUCT

                             FOURTH APPROVAL IN 2005

HAYWARD, CALIF. (MAY 2, 2005) - IMPAX LABORATORIES, INC. (NASDAQ NM: IPXLE)
today announced that the U.S. Food and Drug Administration (FDA) has granted
final approval to the Company's Abbreviated New Animal Drug Application (ANADA)
for a generic version of Rimadyl(R) (Carpofen) 25, 75 and 100 mg Caplets. Pfizer
Animal Health markets Rimadyl for the relief of pain and inflammation in dogs
due to canine arthritis, orthopedic and soft tissue surgery. Total U.S. sales of
Rimadyl were approximately $84 million in the 12 months ended December 31, 2004,
according to Market Dynamics. Sales of the caplet dosage form were approximately
$22 million.

"We are very pleased with this our first ANADA and our fourth approval in 2005,"
said Larry Hsu, Ph.D. IMPAX's President. "Rimadyl is the #1 prescribed canine
NSAID in the world and we are pleased to add this important product to our
growing portfolio of products. Our generic version should offer this growing
segment of the companion animal market a cost effective alternative to the
brand."

Additionally, IMPAX has recently signed an agreement to market this product
through Vedco Inc., a leading national distributor of products to the veterinary
market. Vedco offers a full line of affordable product solutions for today's
veterinary clinician through a nationwide network of veterinary wholesale
distributors. This agreement is consistent with the Company's strategy of using
strategically appropriate marketing partnerships to fully leverage its
technology platform. It is expected that Vedco will begin marketing this product
immediately.

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, possible adverse effects resulting from Impax's delay in
filing its 2004 Form 10-K including possible delisting from the NASDAQ National
Market, 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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