IGI Laboratories Gains Authorization to Launch Its First IGI Label Topical Prescription Drug Products
IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic pharmaceutical company, announced today that the Company will launch its first IGI labeled generic products later this year.
IGI has a broad and extensive partnership with Medimetriks Pharmaceuticals, Inc. (Medimetriks), a branded specialty pharmaceutical company dedicated to the dermatology market. This relationship includes IGI's appointment as Medimetriks' authorized generic distributor for certain products. Medimetriks recently launched its first product in its Synalar® (fluocinolone acetonide) line of prescription topical products, and on November 1, 2012, IGI gained authorization to launch generic distribution of certain of these products.
Mr. Jason Grenfell-Gardner, President and Chief Executive Officer, commented, “Medimetriks is an important partner for IGI. We will work closely with Medimetriks to help ensure the successful launch of these generic topical prescription products, as we believe this launch is an essential part of IGI's long term strategy. Current market conditions indicate a total addressable market for our first three products of approximately $30 million, of which we expect to achieve a meaningful market share.”
Mr. Grenfell-Gardner continued, “Launch activity has begun and with this authorization to go to market, there are only a few steps left before our first IGI labeled generic topical product is ready to launch. We are finalizing the necessary state licensing requirements needed for commercial distribution and are far along in the process. We are actively negotiating our logistics agreements with the appropriate wholesalers and retailers. In addition, we expect to announce our distribution partner in the near future.”
Mr. Grenfell-Gardner concluded, “The pivot that we talked about at our last earnings call is well under way. With this launch, IGI is on its way to deliver on our promise to become a leading player in the generic topical pharmaceutical market.”
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.
IGI Laboratories, Inc. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. 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," "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 and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors or IGI Laboratories, Inc.'s ability to implement 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.
IGI Laboratories, Inc.
Jenniffer Collins, 856-697-1441