Dr. Larry Hsu, Impax Laboratories President and Chief Executive Officer, to Retire
HAYWARD, Calif.-Impax Laboratories, Inc. (IPXL) today announced that Dr. Larry Hsu plans to retire as President and Chief Executive Officer of Impax Laboratories, Inc. Dr. Hsu will remain with the Company in his current position until a replacement CEO is hired; he will also remain a member of the Board of Directors following the appointment of his successor.
Dr. Allen Chao will lead a three-person search committee, which includes Dr. Hsu and Bob Burr, Chairman of the Board of Directors of Impax, to identify and hire Dr. Hsu's replacement.
Dr. Hsu and the current management team will manage the Company through this transition period. The Board of Directors will be working closely with Dr. Hsu to ensure an orderly transition.
"Larry has been instrumental in every step of Impax' development. As co-founder and later CEO, he helped guide the Company from its founding in 1994, through the 1999 reverse merger with Global Pharmaceuticals that gave Impax its current shape, up through today," said Bob Burr, Chairman of the Board of Directors of Impax. "Since becoming CEO in 2006, Larry has led Impax through an important period of substantial growth resulting in a four-fold increase in revenues, a strong balance sheet, initiating the Company's brand strategy and successfully positioning the Company for long-term future growth."
"The Board of Directors remains confident in and committed to the Company's strategic direction. We are focused on finding a successor CEO that will lead Impax through its future growth," Mr. Burr added. "During this time, we will remain focused on our highest corporate priority, promptly and successfully addressing our FDA compliance, while simultaneously continuing to execute on our core competencies in drug delivery expertise, formulation technology and our extensive experience in product development."
"I am extremely proud of the many accomplishments Impax has realized over the past several years," said Dr. Hsu. "I am truly grateful for the support I've received from the Board of Directors, the executive management team, our customers and our employees. I am confident Impax is well positioned to execute on its long-term business strategy. With an executive management team that boasts significant generic and brand industry experience, I know Impax is well positioned for great success in the future. I look forward to being a key participant in the process of selecting my successor as CEO and ensuring our future growth as a continuing member of the Board of Directors."
About Impax Laboratories, Inc.
Impax Laboratories, Inc. (Impax) 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 central nervous system disorder branded products. Impax markets its generic products through its Global Pharmaceuticals division and markets its branded products through the Impax Pharmaceuticals division. Additionally, where strategically appropriate, Impax develops marketing partnerships to fully leverage its technology platform and pursues partnership opportunities that offer alternative dosage form technologies, such as injectables, nasal sprays, inhalers, patches, creams and ointments. 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 the Company'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, the effect of current economic conditions on the Company's industry, business, financial position and results of operations, fluctuations in revenues and operating income, the Company's ability to promptly correct the issues raised in the warning letter and Form 483 observations received from the FDA, the Company's ability to successfully develop and commercialize pharmaceutical products in a timely manner, reductions or loss of business with any significant customer, the impact of consolidation of the Company's customer base, the impact of competition, the Company's ability to sustain profitability and positive cash flows, any delays or unanticipated expenses in connection with the operation of the Company's Taiwan facility, the effect of foreign economic, political, legal and other risks on the Company's operations abroad, the uncertainty of patent litigation, the increased government scrutiny on the Company's agreements with brand pharmaceutical companies, consumer acceptance and demand for new pharmaceutical products, the impact of market perceptions of the Company and the safety and quality of the Company's products, the difficulty of predicting FDA filings and approvals, the Company's ability to achieve returns on its investments in research and development activities, the Company's inexperience in conducting clinical trials and submitting new drug applications, the Company's ability to successfully conduct clinical trials, the Company's reliance on third parties to conduct clinical trials and testing, impact of illegal distribution and sale by third parties of counterfeits or stolen products, the availability of raw materials and impact of interruptions in the Company's supply chain, the use of controlled substances in the Company's products, disruptions or failures in the Company's information technology systems and network infrastructure, the Company's reliance on alliance and collaboration agreements, the Company's dependence on certain employees, the Company's ability to comply with legal and regulatory requirements governing the healthcare industry, the regulatory environment, the Company's ability to protect its intellectual property, exposure to product liability claims, changes in tax regulations, the Company's ability to manage growth, including through potential acquisitions, the restrictions imposed by the Company's credit facility, uncertainties involved in the preparation of the Company's financial statements, the Company's ability to maintain an effective system of internal control over financial reporting, the effect of terrorist attacks on the Company's business, the location of the Company's manufacturing and research and development facilities near earthquake fault lines and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as to the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise.