BUENA, N.J., Oct. 5, 2015 /PRNewswire/ -- IGI
Laboratories, Inc. (NYSE MKT: IG), a New
Jersey-based specialty generic pharmaceutical company, today
announced it has acquired three currently marketed injectable
products from Concordia Pharmaceuticals, Inc., S.A.R.L., for
$10 million in cash: Fortaz®,
ZinacefTM, and Zantac® Injection. According to IMS
Health, the current addressable market in the United States for these products is
estimated at $26 million as of
August 2015.
Jason Grenfell-Gardner, President
and CEO of IGI, commented, "This transaction delivers contribution
to our fourth quarter of 2015 financial results. It is consistent
with our TICO strategy, and accelerates our commercial entry into
the sterile injectable market. These products, while branded,
compete in genericized markets for these product forms, and thus
should allow us to leverage our existing value chain for sales,
marketing, and distribution of these products. In addition,
ZinacefTM and Fortaz® complement IGI's pipeline of
hospital-administered anti-infective injectables, which is a market
segment we believe is best served by a portfolio approach.
Our business development team will continue to focus on acquiring
currently marketed assets that are aligned with our TICO
strategy."
About the Products
Zantac® Injection (Ranitidine Hydrochloride) is indicated in
some hospitalized patients with pathological hypersecretory
conditions or intractable duodenal ulcers, or as an alternative to
the oral dosage form for short-term use in patients who are unable
to take an oral medication.
Fortaz® (Ceftazidime) is indicated for the treatment of patients
with infections caused by susceptible strains of the designated
organisms in the following diseases: lower respiratory tract, skin
and skin-structure, urinary tract, bacterial septicemia, bone and
joint, gynecological, intra-abdominal, and CNS infections.
ZinacefTM (Cefuroxime Sodium) is indicated for the
treatment of patients with infections caused by susceptible strains
of the designated organisms in the following diseases: lower
respiratory tract, urinary tract, skin and skin-structure
infections, septicemia, meningitis, gonorrhea, and bone and joint
infections
About IGI Laboratories, Inc.
IGI Laboratories is a specialty generic pharmaceutical
company. Our mission is to be a leading player in the
specialty generic prescription drug market.
Forward-Looking Statements
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 "plan,"
"believe," "continue," "should" or words of similar meaning.
Factors that could cause actual results to differ materially from
these expectations include, but are not limited to: our inability
to meet current or future regulatory requirements in connection
with existing or future ANDAs; our inability to achieve
profitability; our failure to obtain FDA approvals as anticipated;
our inability to execute and implement our business plan and
strategy; the potential lack of market acceptance of our products;
our inability to protect our intellectual property rights; changes
in global political, economic, business, competitive, market and
regulatory factors; and our inability to complete successfully
future product acquisitions. 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, Quarterly Reports on Form 10-Q
and other periodic reports we file with the Securities and Exchange
Commission. 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, except as required by law.
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SOURCE IGI Laboratories, Inc.