SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* CHU MAY (Last) (First) (Middle) C/O IMPAX LABORATORIES, INC. 30831 HUNTWOOD AVENUE (Street) HAYWARD CA 94544 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol IMPAX LABORATORIES INC [ IPXL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Sr. VP Quality Affairs
	3. Date of Earliest Transaction (Month/Day/Year) 03/02/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Purchase common stock through Employee Stock Purchase Plan	03/02/2005	03/02/2005	P		139	A	$14.3565	55,427	D
Common stock								83,027	I	Owned by spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to buy common stock	$0.75							09/09/1997(1)	09/09/2006	Common stock	13,373		13,373	D
Option to buy common stock	$0.75							04/02/2000(2)	04/02/2009	Common stock	46,716		46,716	D
Option to buy common stock	$5.25							08/01/2001(3)	08/01/2010	Common stock	16,000		16,000	D
Option to buy common stock	$5.625							12/19/2001(4)	12/19/2010	Common stock	15,000		15,000	D
Option to buy common stock	$6.72							03/08/2003(5)	03/08/2012	Common stock	30,000		30,000	D
Option to buy commmon stock	$3.04							03/10/2004(6)	03/10/2013	Common stock	20,000		20,000	D
Option to buy common stock	$23.05							04/14/2005(7)	04/14/2014	Common stock	25,000		25,000	D
Option to buy common stock	$20.78							06/25/2005(8)	06/25/2014	Common stock	10,000		10,000	D
Option to buy common stock	$5.25							08/01/2001(9)	08/01/2010	Common stock	20,000		20,000	I	Spouse's option
Option to buy common stock	$5.625							12/19/2001(10)	12/19/2010	Common stock	20,000		20,000	I	Spouse's option
Option to buy common stock	$6.72							03/08/2003(11)	03/08/2012	Common stock	20,000		20,000	I	Spouse's option
Option to buy common stock	$3.04							03/10/2004(12)	03/10/2013	Common stock	25,000		25,000	I	Spouse's option
Option to buy common stock	$22.15							05/29/2005(13)	05/29/2014	Common stock	6,000		6,000	I	Spouse's option

Explanation of Responses:

1. 100% vested - effective 4 years from date of grant (09/09/1996)

2. 100% vested - effective 4 years from date of grant (04/02/1999)

3. 100% vested - effective 4 years from date of grant (08/01/2000)

4. 100% vested - effective 4 years from date of grant (12/19/2000)

5. Vesting over 4 years from date of grant (03/08/2002) in equal installments of 25% annually

6. Vesting over 4 years from date of grant (03/10/2003) in equal installments of 25% annually

7. Vesting over 4 years from date of grant (04/14/2004) in equal installments of 25% annually

8. Vesting over 4 years from date of grant (06/25/2004) in equal installments of 25% annually

9. 100% vested - effective 4 years from date of grant (08/01/2000)

10. 100% vested - effective 4 years from date of grant (12/19/2000)

11. Vesting over 4 years from date of grant (03/08/2002) in equal installments of 25% annually

12. Vesting over 4 years from date of grant (03/10/2003) in equal installments of 25% annually

13. Vesting over 4 years from date of grant (05/29/2004) in equal installments of 25% annually

	May Chu	03/02/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.