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IGI Laboratories Announces Second Quarter 2014 Results
Date:7/24/2014

BUENA, N.J., July 24, 2014 /PRNewswire/ -- IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based specialty generic drug development and manufacturing company, announced its financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Highlights

  • Total revenues of $6.5 million in the second quarter of 2014, an increase of 70% over the same quarter in 2013
  • Total revenues of $13.3 million for the six months ended June 30, 2014, an increase of 78% over the same period in 2013
  • Total revenues generated from the sale of IGI label generic topical pharmaceutical products for the three and six months ended June 30, 2014 were $3.4 million, and $6.3 million, respectively, increases of 146% and 127% over the same periods in 2013, respectively
  • Gross margin increased to 43% for the six months ended June 30, 2014 from 30% in the same period of 2013
  • IGI filed five Abbreviated Drug Applications, or ANDAs, with the U.S. Food and Drug Administration (FDA) in the second quarter of 2014
  • IGI filed an additional ANDA, under a joint development agreement with Impax Laboratories, Inc. in June 2014  
  • IGI received its tentative approval from the FDA for an ANDA for diclofenac sodium 1.5% topical solution, and executed an agreement to enable the company to launch the product in March 2015 after final FDA approval
  • Net loss was $0.3 million in the second quarter of 2014, compared to a net loss of $0.4 million in the same period in 2013
  • Net loss was $0.2 million and $0.7 million for the six months ended June 30, 2014 and 2013, respectively
  • Net loss for the six months ended June 30, 2014 was impacted by the Company's decision to increase research and development costs to $3.4 million, an increase of 132% over the same period in 2013
  • On June 27, 2014, IGI announced the pricing of their underwritten public offering of 4,650,000 shares of its common
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  • SOURCE IGI Laboratories, Inc.
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