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IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based generic topical pharmaceutical company, today announced it has entered into a three year agreement with Juventio, LLC (
www.juventio.com) to manufacture and supply finished dose forms of certain cosmetic and OTC products and formulations owned and developed by IGI. These products utilize innovative encapsulation technology trademarked as Novasome® for which IGI currently holds an exclusive license. Juventio is a New Jersey based company that distributes premium non-prescription health products, in partnership with healthcare professionals.
Jason Grenfell-Gardner, President and CEO of the Company, commented, “We are excited to partner with Juventio, and utilize our existing Novasome® technology to provide turnkey manufacturing services. The utilization of our own technology and know-how enables us to achieve higher margins on these products, which brings us one step closer to achieving our goal of profitability in 2013. The agreement, which includes a total of $3.0 million of minimum purchases over the contract lifespan, is a testament to our focus to expand our higher-margin, committed contract services business.”
Tom Ford, Juventio’s CEO, notes, “The combination of IGI’s innovative technology and reliable manufacturing services makes them an ideal partner as we seek to provide health care professionals and patients with safe, effective and innovative solutions to common health issues.”
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.