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.