IMPAX Receives Notice of Delisting from Nasdaq

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.