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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
Arthur A. Koch, Jr., CFO Bruce Voss (bvoss@lhai.com)
(215)-933-0351 (310) 691-7100
Larry Hsu, Ph.D., President www.lhai.com
(510) 476-2000 Ext. 1111 ------------
www.impaxlabs.com
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IMPAX RECEIVES NOTICE OF DELISTING FROM NASDAQ
HAYWARD, CALIF. (AUGUST 5, 2005) - IMPAX LABORATORIES, INC. (NASDAQ NM: IPXLE)
today announced that it has received notification from The Nasdaq Stock Market,
Inc. that the Nasdaq Listing Qualification Panel has determined to delist
IMPAX's common stock from The Nasdaq National Market, effective with the opening
of business on Monday, August 8, 2005. As previously reported, IMPAX has been
unable to file its Annual Report on Form 10-K for the fiscal year ended December
31, 2004 and its Quarterly Report on Form 10-Q for the quarter ended March 31,
2005. IMPAX's failure to file these periodic reports violated Nasdaq Marketplace
Rule 4310(c)(14), compliance with which is required for continued listing on
Nasdaq.
The notification of delisting included provision for relisting IMPAX's common
stock provided the Company becomes current in its filings within 90 days and
demonstrates compliance with the listing requirements. Assuming it is able to
meet this schedule, IMPAX believes this provision will expedite the relisting
process.
IMPAX expects that quotations for its common stock will appear in the Pink
Sheets(R) (formerly the National Daily Quotations Bureau), where subscribing
dealers can submit bid and ask prices on a daily basis beginning Monday, August
8. The Company expects its trading symbol to revert to IPXL effective with the
move to the Pink Sheets.
IMPAX remains committed to regaining compliance with all filing requirements and
obtaining relisting of its common stock as soon as possible and continues to
work diligently toward completing and filing its delinquent reports. As
previously reported, IMPAX has submitted a request for advice to the Office of
the Chief Accountant of the Securities and Exchange Commission ("OCA"), in the
expectation that OCA's response will enable the Company to complete its
financial statements and file its Form 10-K and its Form 10-Q reports. As of
this date, however, IMPAX is unable to predict the date on which these reports
will be filed.
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.
About Pink Sheets LLC:
Pink Sheets provides broker-dealers, issuers and investors with electronic and
print products and information services designed to improve the transparency of
the over-the-counter (OTC) markets. The products are designed to increase the
efficiency of OTC markets, leading to greater liquidity and investor interest in
OTC securities. Pink Sheets centralized information network is a source of
competitive market maker quotations, historical prices and corporate information
about OTC issues and issuers. Pink Sheets is neither an SEC-Registered Stock
Exchange nor a NASD Broker/Dealer. Investors must contact a NASD Broker/Dealer
to trade in a security quoted on the Pink Sheets. Pink Sheets LLC is a privately
owned company headquartered in New York City. More information is available at
http://www.pinksheets.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. In particular, the forward-looking
statements include statements about IMPAX's common stock trading through the
"pink sheets" and making required filings with the Securities and Exchange
Commission and otherwise satisfying Nasdaq listing standards in order to regain
the listing of its common stock. 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 the delisting of
Impax's stock, Impax's delay in filing its 2004 Form 10-K and its Form 10-Q for
the first quarter of 2005, 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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