BUENA, N.J., July 2, 2014 /PRNewswire/ -- IGI
Laboratories, Inc. (NYSE MKT: IG; IGI or the Company), today
announced the closing of its previously announced underwritten
public offering of shares of its common stock, including all
697,500 shares subject to the underwriters' over-allotment
option. After giving effect to the exercise of the
over-allotment option, the Company sold an aggregate of 5,347,500
shares of common stock in the offering at a public offering price
of $5.00 per share. The net
proceeds of the offering are expected to be approximately
$25.2 million, after deducting
underwriting discounts and commissions and other estimated offering
expenses payable by the Company.
Roth Capital Partners and Oppenheimer & Co. acted as joint
book-running managers for the offering. Craig-Hallum Capital Group,
LLC is acting as a financial advisor to the Company.
The Company intends to use the net proceeds of the offering for
general corporate purposes, including, without limitation, research
and development, general and administrative, manufacturing and
marketing expenses, and potential not yet identified acquisitions
of companies, products, ANDAs, technologies and assets that
complement the Company's business.
This shares described above were offered pursuant to a shelf
registration statement previously filed with and declared effective
by the Securities and Exchange Commission (SEC). A prospectus
supplement and accompanying prospectus describing the terms of the
offering have been filed with the SEC and are available on the
SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About IGI Laboratories, Inc.
IGI Laboratories is a developer and manufacturer of topical
formulations for the pharmaceutical, OTC, and cosmetic
markets. Our mission is to be a leading player in the generic
topical prescription drug market.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include, but are not
limited to, plans, objectives, expectations and intentions, and
other statements contained in this press release that are not
historical facts and statements identified by words such as "plan,"
"believe," "continue", "should" or words of similar meaning.
Factors that could cause actual results to differ materially from
these expectations include, but are not limited to: our intended
use of proceeds from the offering, our inability to meet current or
future regulatory requirements in connection with existing or
future ANDAs; our inability to achieve profitability; our failure
to obtain FDA approvals as anticipated; our inability to execute
and implement our business plan and strategy; the potential lack of
market acceptance of our products; our inability to protect our
intellectual property rights; changes in global political,
economic, business, competitive, market and regulatory factors; and
our inability to complete successfully future product acquisitions.
These statements are based on our current beliefs or expectations
and are inherently subject to various risks and uncertainties,
including those set forth under the caption "Risk Factors" in IGI
Laboratories, Inc.'s most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other periodic reports we file
with the Securities and Exchange Commission from time to time,
including the prospectus supplement relating to the offering. IGI
Laboratories, Inc. does not undertake any obligation to update any
forward-looking statements contained in this document as a result
of new information, future events or otherwise, except as required
by law.
SOURCE IGI Laboratories, Inc.