|[February 04, 2013]
IGI Laboratories, Inc. Acquires Econazole Nitrate Cream
BUENA, N.J. --(Business Wire)--
IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based generic
topical pharmaceutical company, today announced it has entered into an
agreement to purchase the topical pharmaceutical product Econazole
Nitrate Cream 1% from Prasco, LLC., a privately-held pharmaceutical
company located in Ohio. The purchase agreement includes the acquisition
of the abbreviated new drug application, or ANDA, know-how related to
the product, and other acquired assets related to the Econazole Nitrate
Econazole Nitrate Cream 1% which is available in 15 g, 30 g, and 85 g
tubes has U.S. Food and Drug Administration approved indications for the
treatment of tinea pedis, tinea cruris, and tinea corporis as well as
the treatment of cutaneous candidiasis and tinea versicolor. Upon
approval from the FDA of the manufacturing site transfer, IGI intends to
manufacture the product at the company's facility in Buena, NJ.
Jason Grenfell-Gardner, President and CEO of the Company, commented,
"Econazole is a proven product and fits well in our existing portfolio
of IGIlabeled products. The completion of this acquisition will bring
the total number of available IGI products in our portfolio to four
products and eight SKUs. Our current market information from IMS Health
indicates a total addressable market for this product of $12.8 million
in sales on an annual basis, of which we would expect to achieve a
meaningful share. We believe this will provide additional stability to
our revenue in 2013 and beyond."
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.
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," "expect," "believe," "possible,"
"one time," "provides an opportunity," "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, Quarterly Reports on Form 10-Q and other periodic reports we file
with the Securities and Exchange Commission. Actual results may differ
materially from these expectations due to, among other factors, changes
in global political, economic, business, competitive, market and
regulatory factors or IGI Laboratories, Inc.'s ability to implement its
business strategies. 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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