Impax Laboratories to be Added to Russell 3000® Index and NASDAQ Biotechnology Equal Weighted Index
HAYWARD, Calif.--(BUSINESS WIRE)--Jun 15, 2009 - Impax Laboratories, Inc. (NASDAQ: IPXL) today announced that the Company's shares were added to the preliminary list of Russell 3000® Index on June 12, 2009.
The Company's shares will also be added to the NASDAQ Biotechnology Equal Weighted Index, which will become effective with the market open, Monday, June 22, 2009.
IMPAX's inclusion is part of the Russell's regular reconstitution of its U.S. equity indices each year. Membership in these indices, which are used as benchmarks for both passive and active investment strategies, is determined by market capitalization rankings.
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 99 percent of the investable U.S. equity market. The reconstitution for the Russell 1000® Index, 2000® Index and 3000® Index will be final on June 26 after the close of the U.S. markets. Final membership lists will be posted on the Russell Web site (www.russell.com) on June 29.
The NASDAQ Biotechnology Equal Weighted Index (re-evaluated semi-annually in June and December) is comprised of the top 100 securities by market value of the NASDAQ Biotechnology Index. As previously announced, the Company's shares were added to the Biotechnology Index on May 18, 2009.
The NASDAQ Biotechnology Index includes biotechnology and pharmaceutical company securities that meet classification criteria then must meet other Index eligibility criteria including listing on the NASDAQ Global Market or the NASDAQ Global Select Market and meeting minimum requirements for market value, average daily share volume and seasoning as a public company. The Index is ranked on a semi-annual basis in May and November. For more information about the NASDAQ Biotechnology Index, including eligibility criteria, visit www.NASDAQOMX.com.
About Impax Laboratories, Inc.
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 markets 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; ability to timely file periodic reports required by the Exchange Act; ability to maintain an effective system of internal control over financial reporting; ability to sustain profitability and positive cash flows; ability to maintain sufficient capital to fund operations; any delays or unanticipated expenses in connection with the construction of our Taiwan facility; ability to successfully develop and commercialize pharmaceutical products; the uncertainty of patent litigation; consumer acceptance and demand for new pharmaceutical products; the impact of competitive products and pricing; the difficulty of predicting Food and Drug Administration (“FDA”) filings and approvals; inexperience in conducting clinical trials and submitting new drug applications; reliance on key alliance agreements; the availability of raw materials; the regulatory environment; exposure to product liability claims; fluctuations in operating results and other risks detailed from time to time in our 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.
Contact: Impax Laboratories, Inc.
Mark Donohue, Sr. Director Investor Relations
Posted: June 2009