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

stock at a price to the public of $5.00 per share.  Subsequently on July 2, 2014, IGI, after giving effect to the exercise of the over-allotment option, sold an aggregate of 5,347,500 shares of common stock in the offering at a public offering price of $5.00 per share.  The net proceeds of the offering were approximately $25.2 million
  • On June 30, 2014 IGI was added to the Russell 3000 Index
  • IGI's President and Chief Executive Officer, Jason Grenfell-Gardner, stated, "The extensive list of accomplishments by the IGI team in the second quarter represents our continued focus on executing our business plan.  We filed six ANDAs in the first few weeks of June, including one under a joint development agreement with Impax Laboratories, Inc.  We received tentative approval of our ANDA for diclofenac sodium 1.5% topical solution in May, and we should be ready to launch the product in March 2015, after final FDA approval.  As of today, we have seventeen ANDAs pending at the FDA, with an addressable market of over $465 million, and four additional ANDAs which we have filed with three of our pharmaceutical partners under joint development agreements.  On the financial front, we increased total revenue 70% over the same quarter last year, and improved margins to end the second quarter of 2014 with a gross margin of 45%, compared to 30% one year ago.  We continue to expect to file at least ten ANDAs in 2014, and we have accelerated our R&D efforts in order to meet our commitments."  Mr. Grenfell-Gardner continued, "We continue to expect revenue to increase between 40% and 45% over 2013.  We are committed to profitability for the year ended December 31, 2014, even though we plan to at least double our spending in research and development in 2014 over 2013."The Company will hold a conference call at 4:15 pm ET on Thursday, July 24, 2014 to discuss the 2nd quarter 2014 results.

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    SOURCE IGI Laboratories, Inc.
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