IMPAX Stockholders Approve Increase in Authorized Shares.Business & Health Editors HAYWARD, Calif.--(BW HealthWire)--Oct. 12, 2000 Company CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Provides Update at Special Meeting of Stockholders IMPAX Laboratories Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: IPXL) today announced that at a special meeting of stockholders held October 3, 2000, a majority of Company stockholders voted in favor of increasing the number of authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: common stock from 50 million shares currently to 75 million shares. In addition, a majority of stockholders voted to increase the number of shares available under the Company's 1999 Equity Incentive Plan from 2.4 million currently to 5 million shares. "The increase in number of authorized common shares allows IMPAX the flexibility to execute its long-range business plan, which includes consideration of a private placement equity offering by the end of calendar year 2000," said Barry R. Edwards, Co-Chief Executive Officer of IMPAX Laboratories. "In order to attract and retain the best and the brightest employees, in particular in a very tight labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience , we felt it necessary to be able to continue to reward them with our Equity Incentive Plan, which also directly aligns their interests with those of our stockholders," continued Mr. Edwards. In providing an update on the Company to those attending the meeting, Mr. Edwards noted that IMPAX currently has 110 employees, of which 40 are working in research and development. In anticipation of Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) approval of several new products beginning in 2002, the Company is in the process of designing a new manufacturing facility to be built in Hayward. Mr. Edwards added that IMPAX has submitted eight ANDA ANDA abbr. abbreviated new drug application filings to the FDA addressing approximately $4.2 billion in U.S. branded product sales. IMPAX currently has 7 patents either approved, pending approval or in preparation covering its proprietary drug delivery technology. In addition, the Company has 30 product-development projects in various stages of completion, and is pursuing a branded product strategy primarily in the central nervous system area. IMPAX Laboratories, Inc. develops and markets generic drug generic drug, a drug sold or prescribed under the nonproprietary name of its active ingredients or under a generally descriptive name rather than under a brand or trade name. products using its advanced drug-delivery systems. The Company's strategy calls for expanding its development of niche and controlled-release generics, while accelerating the development of branded products. 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. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA filings and approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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