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IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based pharmaceutical company, today announced that the Company has successfully closed on a $3.0 million credit facility. The facility includes a term loan in the amount of $2.5 million and a formula credit line in the amount of $1.25 million, under which total borrowings cannot exceed $3.0 million. The related loan and security agreement is filed as an Exhibit to the Company’s Form 8-K filed today with the Securities and Exchange Commission.
Ms. Jenniffer Collins, CFO of the Company, stated, "I am extremely excited to announce our successful refinance of our existing credit facility. As always, we are committed to monitoring our use of cash, and balancing our investment in our future with managing our existing financial resources. This facility gives the company a significant reduction in our cost of borrowing, and will allow us to appropriately fund our commercialization of our first IGI brand products within the next six months. We plan to continue to invest in research and development, as that is the cornerstone of our future growth.”
About IGI Laboratories, Inc.
IGI Laboratories is a developer and manufacturer of topical formulations for the pharmaceutical, OTC, and cosmetic markets.
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.