IMPAX Receives Notice of Delisting from Nasdaq
August 05 2005 - 4:00AM
Business Wire
IMPAX Laboratories, Inc. (NASDAQ: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, Calif., 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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