Impax Laboratories Enters Into Development and Supply Agreement with IGI Laboratories
May 26 2010 - 10:00AM
Business Wire
Impax Laboratories, Inc. (NASDAQ: IPXL) today
announced that it has entered into a product development and supply
agreement with IGI Laboratories, Inc., a formulation and
manufacturing company. IGI will be responsible for developing two
topical drug products, obtaining FDA marketing approvals, and
manufacturing the commercial products. Impax will market and
distribute the products through Global Pharmaceuticals, its
generics division. The products and terms of the agreement were not
disclosed.
Chris Mengler, president of Global Pharmaceuticals, said: “We
look forward to working with the experienced team at IGI
Laboratories on these two topical drug products. This marks our
initial entry into alternative dosage forms as we begin to execute
our strategy of diversifying our product base. Our business
development activities will continue to focus on delivering growth
from high-value products, technologies, and businesses in
complementary dosage forms.”
About Impax Laboratories, Inc.
Impax Laboratories, Inc. is a technology based specialty
pharmaceutical company applying its formulation expertise and drug
delivery technology to the development of controlled-release and
specialty generics in addition to the development of branded
products. Impax markets its generic products through its Global
Pharmaceuticals division and markets its branded products through
the Impax Pharmaceuticals division. Additionally, where
strategically appropriate, Impax has developed marketing
partnerships to fully leverage its technology platform. Impax
Laboratories is headquartered in Hayward, California, and has a
full range of capabilities in its Hayward and Philadelphia
facilities. For more information, please visit the Company's Web
site at: www.impaxlabs.com.
About IGI Laboratories, Inc.
IGI Laboratories, Inc. (NYSE Amex: IG) is a New Jersey based
company focused in the development and commercialization of
products for the dermatology market.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995:
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking in nature and express the beliefs and expectations
of management. Such statements are based on current expectations
and involve a number of known and unknown risks and uncertainties
that could cause the Company’s future results, performance or
achievements to differ significantly from the results, performance
or achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties include, but are not
limited to, the effect of current economic conditions on the
Company’s industry, business, financial position, results of
operations and market value of its common stock, the ability to
maintain an effective system of internal control over financial
reporting, fluctuations in revenues and operating income,
reductions or loss of business with any significant customer, the
impact of competitive pricing and products and regulatory actions
on the Company’s products, the ability to sustain profitability and
positive cash flows, the ability to maintain sufficient capital to
fund operations, any delays or unanticipated expenses in connection
with the operation of the Taiwan facility, the ability to
successfully develop and commercialize pharmaceutical products, the
uncertainty of patent litigation, consumer acceptance and demand
for new pharmaceutical products, the difficulty of predicting Food
and Drug Administration filings and approvals, the inexperience of
the Company in conducting clinical trials and submitting new drug
applications, reliance on key alliance and collaboration
agreements, the availability of raw materials, the ability to
comply with legal and regulatory requirements governing the
healthcare industry, the regulatory environment, exposure to
product liability claims and other risks described in the Company’s
periodic reports filed with the Securities and Exchange Commission.
Forward-looking statements speak only as to the date on which they
are made, and Impax undertakes no obligation to update publicly or
revise any forward-looking statement, regardless of whether new
information becomes available, future developments occur or
otherwise.
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