IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based topical generic drug development and manufacturing company, announced its financial results for the second quarter ended June 30, 2013.
Second Quarter and Year to Date 2013 Highlights
- Total revenues of $3.8 million in the second quarter of 2013, an increase of 57% over the same quarter in 2012
- Total revenues of $7.5 million for the six months ended June 30, 2013, an increase of 76% over the same period in 2012
- Total revenues generated from the sale of IGI label generic topical pharmaceutical products for the three and six months ended June 30, 2013 were $1.4 million, and $2.8 million, respectively
- Revenue from our formulation and manufacturing contract services business increased by 10% year to date in 2013 as compared to the same period in 2012
- Gross profit increased to 30.1% for the six months ended June 30, 2013 from 28.6% in the same period of 2012
- Filed one Abbreviated Drug Application, or ANDA, with the U.S. Food and Drug Administration (FDA) in the second quarter of 2013
- Net loss was $0.4 million and $0.6 million in the second quarter of 2013 and 2012, respectively
- Net loss was $0.7 million and $1.3 million for the six months ended June 30, 2013 and 2012, respectively
- Net loss included research and development costs of $0.8 million and $0.6 million in the second quarter of 2013 and 2012, respectively
IGI’s President and Chief Executive Officer, Jason Grenfell-Gardner, stated, “I am extremely pleased with the progress we have made to obtain IGI’s current market position in our first three IGI labeled topical pharmaceutical products. We are ready to launch our fourth product, econazole nitrate cream 1%, which we acquired earlier this year, during the third quarter of 2013 pending final FDA approval of our site transfer. We have expanded our IGI label customer base for our existing product lines, and we continue to explore opportunities to potentially expand our product portfolio. Our formulation and manufacturing contract services revenue continued to grow, and has increased 10% over 2012 year to date.” Mr. Grenfell-Gardner continued, “Our research and development team has filed three ANDAs in 2013, one in January, one in April, and one in July, which brings our total filings pending with the US FDA to 11. Our team is committed to our plan to file at least six ANDAs in 2013. We remain on track for our target to at least double our 2012 total revenue and achieve profitability in 2013.”
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