BUENA, N.J., June 27, 2014 /PRNewswire/ -- IGI
Laboratories, Inc. (NYSE MKT: IG; IGI or the Company), today
announced the pricing of its previously announced underwritten
public offering of 4,650,000 shares of its common stock at a price
to the public of $5.00 per
share. IGI has also granted the underwriters a 30-day option
to purchase up to an aggregate of 697,500 additional shares of
common stock at the public offering price to cover over-allotments,
if any. The gross proceeds of the offering will be
$23,250,000, assuming no exercise of
the overallotment option. The offering is expected to close
on July 2, 2014, subject to customary
closing conditions.
Roth Capital Partners and Oppenheimer & Co. are acting as
joint book-running managers for this offering. Craig-Hallum
Capital Group, LLC is acting as a financial advisor to the
Company.
The Company intends to use the proceeds of the offering for
general corporate purposes, including, without limitation, research
and development, general and administrative, manufacturing and
marketing expenses, potential not yet identified acquisitions of
companies, products, ANDAs, technologies and assets that complement
our business.
This offering is being made pursuant to the Company's shelf
registration statement previously filed with and declared effective
by the U.S. Securities and Exchange Commission (the "SEC"). A
prospectus supplement and accompanying prospectus describing the
terms of the offering will be filed with the SEC and will be
available on the SEC's website at http://www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, 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. Copies of the preliminary prospectus supplement and
accompanying prospectus relating to the offering may be obtained
from Roth Capital Partners, LLC, 888 San Clemente Drive,
Newport Beach, California 92660,
(800) 678-9147 or Oppenheimer & Co. Inc. Attention: Syndicate
Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212)
667-8563, or by email at EquityProspectus@opco.com or by accessing
the SEC's website, www.sec.gov.
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 "
will," "believe", "target", "estimated," "continue" or words of
similar meaning. 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 and Quarterly Reports on Form 10-Q and other
reports we file with the Securities and Exchange Commission.
Actual results may differ materially from these expectations.
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.
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SOURCE IGI Laboratories, Inc.