Exhibit 99.1


[LOGO IMPAX LABORATORIES, INC.]


Company Contacts:                     Investor Relations Contacts:
IMPAX Laboratories, Inc.              Lippert/Heilshorn & Associates, Inc.
Barry R. Edwards, Co-CEO              Kim Sutton Golodetz (kgolodetz@lhai.com)
(215) 289-2220 Ext. 1771              (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



                      IMPAX RECEIVES FDA TENTATIVE APPROVAL
                      FOR GENERIC VERSIONS OF OXYCONTIN(R)

                           Ninth ANDA Approval in 2003

HAYWARD, Calif. (December 24, 2003) - IMPAX Laboratories, Inc. (NASDAQ NM: IPXL)
announced that the U.S. Food and Drug Administration (FDA) has granted tentative
approval to the Company's Abbreviated New Drug Application (ANDA) for generic
versions of OxyContin(R) (Oxycodone Hydrochloride) Controlled Release Tablets,
10, 20 and 40 mg. Purdue Pharma markets OxyContin for the management of moderate
to severe pain. According to NDCHealth, U.S. sales of OxyContin Controlled
Release Tablets, 10, 20 and 40 mg were $1,182 million for the 12 months ended
October 31, 2003.

Final approval is contingent upon the earlier of the resolution of pending
patent-infringement litigation brought by Purdue Pharma against IMPAX, or the
expiration of the 30-month stay process under the Hatch-Waxman Amendments; and
the expiration of any generic marketing exclusivity. Final approval is also
dependent upon FDA's evaluation of any new information subsequent to this
tentative approval.

IMPAX Laboratories previously announced FDA acceptance of the Company's ANDA
filing for Oxycodone Hydrochloride Extended Release Tablets, 10, 20 and 40 mg
and commented on the filing of a lawsuit by Purdue Pharma alleging patent
infringement relating to the ANDA in September 2002. The litigation with Purdue
Pharma is still ongoing.

"This tentative approval is our ninth ANDA approval this year," said Larry Hsu,
Ph.D., president of IMPAX Laboratories. "We are pleased to see our new product
pipeline continue to progress through FDA and add to our growing portfolio of
products."

IMPAX currently has 20 applications pending at the FDA, including four
tentatively approved, which address approximately $7.1 billion in U.S. branded
product sales for the 12 months ended October 31, 2003. Fifteen 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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