BUENA, N.J., Oct. 1, 2014 /PRNewswire/ -- IGI
Laboratories, Inc. (NYSE MKT: IG), a New
Jersey based specialty generic pharmaceutical company, today
announced it has acquired two previously marketed ophthalmic drug
products, in addition to the right to acquire three additional
previously marketed injectable drug products from affiliates of
Valeant Pharmaceuticals International, Inc. after the completion of
the due diligence process. All of these products have
been approved by the FDA as abbreviated new drug applications
(ANDAs) or new drug applications (NDAs). According to IMS Health,
the current addressable market in the
United States for the therapeutic areas that all of these
products were previously indicated for is estimated at $38 million as of August
2014.
Jason Grenfell-Gardner, President
and CEO of IGI, commented, "We expect that this acquisition will
allow us to continue to execute our strategy to be a leader in the
specialty generic pharmaceutical drug market. This
opportunity will allow IGI to leverage almost all of the various
areas of the IGI value chain, including sales and distribution,
logistics, regulatory services, and our existing support
structure. We hope to have these products in the market under
our IGI label by the end of 2015."
About IGI Laboratories, Inc.
IGI Laboratories is a specialty generic drug development and
manufacturing company. Our mission is to be a leading player in the
specialty generic 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 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. 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.
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SOURCE IGI Laboratories, Inc.