BUENA, N.J. and HAYWARD, Calif., June 20, 2014 /PRNewswire/ -- IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based generic topical pharmaceutical company, today announced it has submitted its seventh abbreviated new drug application (ANDA) in 2014 to the U.S. Food and Drug Administration (FDA). The seventh ANDA submission was in connection with an existing development, supply and marketing agreement with Impax Laboratories, Inc. (NASDAQ: IPXL). The agreement designates IGI Laboratories, Inc. (IGI) as the developer, manufacturer, and owner of a generic topical pharmaceutical drug product, which will be licensed, marketed and distributed in the United States by Global Pharmaceuticals, Impax's generics division. In accordance with the agreement, Impax is required to pay IGI when certain milestones are met related to the filing and approval of the associated ANDA.
Jason Grenfell-Gardner, President and CEO of the Company commented, "We have collaborated with Impax over the past few years, and we are grateful for the continued support from one of the leaders in the specialty pharmaceutical industry. We believe the addressable market for this product to be over $100 million based on recent data from IMS Health. We look forward to working with Impax to continue to help us grow our pipeline of generic topical prescription drugs."
President of Global Pharmaceuticals Dr. Carole Ben-Maimon stated, "We are pleased to be the partner of choice with IGI on this product opportunity. This is another example of our commitment to diversifying our product base and the expansion of our topical portfolio."
About IGI Laboratories, Inc.IGI Laboratories is a generic topical pharmaceutical company. We develop and manufacture topical formulations for the pharmaceutical, OTC, and cosmetic markets. Our mission is to be a leading player in the generic topical prescription drug market.