IGI Laboratories Announces 2nd Quarter 2012 Results
IGI Laboratories, Inc.Jenniffer Collins, 856-697-1441
IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic drug development and manufacturing company, provided its financial results for the second quarter ended June 30, 2012.
IGI’s President and Chief Executive Officer, Jason Grenfell-Gardner, stated, “IGI completed its second quarter with total revenues of $2.4 million, which is a record quarter for IGI. IGI’s total cash used in operations was $0.9 million, therefore, excluding our $1.1 million of research and development costs year to date to develop our own portfolio of products, our contract formulation and manufacturing services business generated $0.2 million in cash. IGI’s continued improvement in our financial results and successful submission of three ANDAs in the second quarter is certainly a testament to the strong team in place at IGI and I look forward to working with the team to continue to execute on our business plan, to be a leading developer and manufacturer of generic topical prescription drug products.”
IGI will hold a conference call at 4:30 pm ET on Monday, August 13, 2012 to discuss 2nd quarter 2012 results. The Company invites you to listen to the call by dialing 1-866-825-3209. International participants should call 1-617-213-8061. The passcode for the conference call is 24988661. This call is being webcast by Thomson and can be accessed at IGI's website at .
About IGI Laboratories, Inc.
IGI Laboratories is focused in the development and commercialization of products for the dermatology market.
IGI Laboratories, Inc. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. 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," "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 and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors or IGI Laboratories, Inc.’s ability to implement 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.