SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

IMPAX Laboratories, Inc.

(Name of Issuer)

COMMON STOCK, Par Value $0.001 per share

(Title of Class of Securities)

45256B101

                                (CUSIP Number)                                

October 18, 2007

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 45256B101 Page 2 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Visium Balanced Fund, LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	None
	6    SHARED VOTING POWER
	973,910 (See Item 4)
	7    SOLE DISPOSITIVE POWER
	None
	8    SHARED DISPOSITIVE POWER
	973,910 (See Item 4)

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	973,910 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	1.67%
12	TYPE OF REPORTING PERSON*
	OO

*SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 2 of 12 Pages

CUSIP No. 45256B101 Page 3 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Visium Long Bias Fund, LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	None
	6    SHARED VOTING POWER
	531,117 (See Item 4)
	7    SOLE DISPOSITIVE POWER
	None
	8    SHARED DISPOSITIVE POWER
	531,117 (See Item 4)

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	531,117 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	.91%
12	TYPE OF REPORTING PERSON*
	OO

*SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 3 of 12 Pages

CUSIP No. 45256B101 Page 4 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Visium Balanced Offshore Fund, Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	None
	6    SHARED VOTING POWER
	1,958,007 (See Item 4)
	7    SOLE DISPOSITIVE POWER
	None
	8    SHARED DISPOSITIVE POWER
	1,958,007 (See Item 4)

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,958,007 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	3.35%
12	TYPE OF REPORTING PERSON*
	CO

*SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 4 of 12 Pages

CUSIP No. 45256B101 Page 5 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Visium Long Bias Offshore Fund, Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	None
	6    SHARED VOTING POWER
	1,587,367 (See Item 4)
	7    SOLE DISPOSITIVE POWER
	None
	8    SHARED DISPOSITIVE POWER
	1,587,367 (See Item 4)

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,587,367 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	2.71%
12	TYPE OF REPORTING PERSON*
	CO

*SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 5 of 12 Pages

CUSIP No. 45256B101 Page 6 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Visium Capital Management, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	None
	6    SHARED VOTING POWER
	1,505,027 (See Item 4)
	7    SOLE DISPOSITIVE POWER
	None
	8    SHARED DISPOSITIVE POWER
	1,505,027 (See Item 4)

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,505,027 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	2.57%
12	TYPE OF REPORTING PERSON*
	OO

Page 6 of 12 Pages

CUSIP No. 45256B101 Page 7 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Visium Asset Management, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	5,294,428 (See Item 4)
	6    SHARED VOTING POWER
	None
	7    SOLE DISPOSITIVE POWER
	5,294,428 (See Item 4)
	8    SHARED DISPOSITIVE POWER
	None

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	5,294,428 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	9.05%
12	TYPE OF REPORTING PERSON*
	OO

*SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 7 of 12 Pages

CUSIP No. 45256B101 Page 8 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Atlas Master Fund, Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	None (See Item 4)
	6    SHARED VOTING POWER
	244,027 (See Item 4)
	7    SOLE DISPOSITIVE POWER
	None (See Item 4)
	8    SHARED DISPOSITIVE POWER
	244,027 (See Item 4)

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	244,027 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	.42%
12	TYPE OF REPORTING PERSON*
	CO

Page 8 of 12 Pages

CUSIP No. 45256B101 Page 9 of 12 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
	Jacob Gottlieb
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
	(a)  ¨
	(b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5    SOLE VOTING POWER
	5,294,428 (See Item 4)
	6    SHARED VOTING POWER
	None (See Item 4)
	7    SOLE DISPOSITIVE POWER
	5,294,428 (See Item 4)
	8    SHARED DISPOSITIVE POWER
	None (See Item 4)

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	5,294,428 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*	¨
	Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	9.05%
12	TYPE OF REPORTING PERSON*
	IN

*SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 9 of 12 Pages

CUSIP No. 45256B101 Page 10 of 12 Pages

Item 1	(a)	Name of Issuer:
		IMPAX Laboratories, Inc.
	(b)	Address of Issuer’s Principal Executive Offices:
		30831 Huntwood Avenue Hayward, CA 94544
Item 2	(a) - (c)	This statement is filed on behalf of the following:
		(1) Visium Balanced Fund, LP, a Delaware limited partnership (“VBF”), with its principal business office at c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022.
		(6) Visium Long Bias Fund, LP, a Delaware limited partnership (“VLBF”), with its principal business office at c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022.
		(7) Visium Balanced Fund Offshore, Ltd., a Cayman Islands corporation (“VBFO”), with its principal business office at c/o Morgan Stanley Fund Services (Cayman) Limited, P.O. Box 2681GT, Century yard, 4th Floor, Cricket Square, Hutchins Drive, Grand Cayman, Cayman Islands, British West Indies.
		(8) Visium Long Bias Fund Offshore, Ltd., a Cayman Islands corporation (“VLBFO”), with its principal business office at c/o Morgan Stanley Fund Services (Cayman) Limited, P.O. Box 2681GT, Century yard, 4th Floor, Cricket Square, Hutchins Drive, Grand Cayman, Cayman Islands, British West Indies.
		(9) Visium Asset Management, LLC, a Delaware limited liability company (“VAM”), with its principal business office at Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022. VAM is the investment advisor to each of VBF, VLBF, VBFO and VLBFO.
		(10) Visium Capital Management, LLC, a Delaware limited liability company (“VCM”), with its principal business office c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022. VCM is the General Partner of VBF an VLBF.
		Atlas Master Fund, Ltd., (“AMF”) a Cayman Islands corporation (“AMF”), with its principal business office at c/o Walkers SPV Limited, Walker House, P.O. Box 908 GT, George Town, Grand Cayman, Cayman Islands, British West Indies.
	(d)	Title of Class of Securities:
		Common Stock,
	(e)	CUSIP Number:
		45256B101
Item 3	If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
	Not Applicable

Page 10 of 12 Pages

CUSIP No. 45256B101 Page 11 of 12 Pages

Item 4	Ownership:
	VBF
	(a)	Amount Beneficially Owned:
		973,910 shares
	(b)	Percent of Class:
		1.67 %
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			973,910 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			973,910 shares
	VLBF
	(a)	Amount Beneficially Owned:
		531,117 shares
	(b)	Percent of Class:
		.91%
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			531,117 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			531,117 shares
	VBFO
	(a)	Amount Beneficially Owned:
		1,958,007 shares
	(b)	Percent of Class:
		3.35%
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			1,958,007 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			1,958,007 shares
	VLBFO
	(a)	Amount Beneficially Owned:
		1,587,367 shares
	(b)	Percent of Class:
		2.71%
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			1,587,367 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			1,587,367 shares
	VAM
	(a)	Amount Beneficially Owned:
	By virtue of its position as investment advisor to each of VBF, VLBF, VBFO and VLBFO as well as managing an account for AMF, VAM may be deemed to beneficially own the 5,294,428 shares of the Company’s Common Stock beneficially owned by VBF, VLBF, VBFO and VLBFO as well as the shares of the Company’s Common Stock in the AMF managed account.
	(b)	Percent of Class:
		9.05%
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			5,294,428 shares
		(ii)	shared power to vote or to direct vote:
			None
		(iii)	sole power to dispose or direct disposition of:
			5,294,428 shares
		(iv)	shared power to dispose or to direct disposition of:
			None
	VCM
	(a)	Amount Beneficially Owned:
	By virtue of its position as General Partner to each of VBF and VLBF, VCM may be deemed to beneficially own the 1,505,027 shares of the Company’s Common Stock beneficially owned by VBF and VLBF.
	(b)	Percent of Class:
		2.57%
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			1,505,027 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			1,505,027 shares
	Jacob Gottlieb
	(a)	Amount Beneficially Owned:
	By virtue of his position as the principal of VAM and the sole managing member of VCM, Dr. Gottlieb may be deemed to beneficially own the 5,294,428 shares of the Company’s Common Stock beneficially owned by VAM.
	(b)	Percent of Class:
		9.05%
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			5,294,428 shares
		(ii)	shared power to vote or to direct vote:
			None
		(iii)	sole power to dispose or direct disposition of:
			5,294,428 shares
		(iv)	shared power to dispose or to direct disposition of:
			None
Ownership:
	AMF
	(a)	Amount Beneficially Owned:
		244,027 shares
	(b)	Percent of Class:
		.42%
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			244,027 shares
		(iii)	sole power to dispose or direct disposition of:
			None
Item 5	Ownership of Five Percent or Less of a Class:
	Not Applicable
Item 6	Ownership of More than Five Percent on Behalf of Another Person:
	Not Applicable
Item 7	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company:
	Not Applicable
Item 8	Identification and Classification of Members of the Group:
	Not Applicable
Item 9	Notice of Dissolution of Group:
	Not Applicable
Item 10	Certification:
	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Page 11 of 12 Pages

CUSIP No. 45256B101 Page 12 of 12 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: October 18, 2007

VISIUM ASSET MANAGEMENT, LLC		VISIUM LONG BIAS FUND, LP
By:	/s/ Mark Gottlieb	By:	/s/ Mark Gottlieb
	Mark Gottlieb		Mark Gottlieb
	Authorized Signatory		Authorized Signatory
VISIUM BALANCED FUND, LP		VISIUM BALANCED OFFSHORE FUND, LTD.
By:	/s/ Mark Gottlieb	By:	/s/ Mark Gottlieb
	Mark Gottlieb		Mark Gottlieb
	Authorized Signatory		Authorized Signatory
VISIUM CAPITAL MANAGEMENT, LLC		VISIUM LONG BIAS OFFSHORE FUND, LTD.
By:	/s/ Mark Gottlieb	By:	/s/ Mark Gottlieb
	Mark Gottlieb		Mark Gottlieb
	Authorized Signatory		Authorized Signatory
JACOB GOTTLIEB		ATLAS MASTER FUND, LTD.
By:	/s/ Mark Gottlieb	By:	/s/ Matthew Siclari
	Authorized Signatory		Authorized Signatory

Page 12 of 12 Pages