BUENA, N.J., Dec. 31, 2013 /PRNewswire/ -- IGI
Laboratories, Inc. (NYSE MKT: IG), a New
Jersey based generic topical pharmaceutical company, today
announced it executed a license, development, supply and marketing
agreement with a large multi-national pharmaceutical company.
In accordance with the confidentiality agreement in place, the name
of the company remains undisclosed. The agreement designates
IGI Laboratories, Inc. (IGI) as the developer and manufacturer of a
generic topical pharmaceutical drug product, which will be
licensed, marketed and distributed in the
United States by our partner, or its subsidiaries. The named
product in the agreement was developed at IGI. IGI has now
filed the Abbreviated New Drug Application associated with the
named generic pharmaceutical product. In accordance with the
agreement, our partner is required to pay IGI when certain
milestones are met related to the filing and approval of the
associated ANDA. In addition, in accordance with the
agreement, IGI will also receive a share of the profits following
the approval and commercialization of the product.
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Jason Grenfell-Gardner, President
and CEO of the Company, commented, "This strategic partnership
provides IGI with an opportunity to collaborate with an established
generic pharmaceutical drug manufacturer. This agreement will
provide IGI with some liquidity in the near future which will help
us accelerate our generic pharmaceutical research and development
efforts in 2014."
About IGI Laboratories, Inc.
IGI Laboratories is a generic topical pharmaceutical company.
We develop and manufacture 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 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.
SOURCE IGI Laboratories, Inc.