IGI Laboratories, Inc. has announced that it has executed a license, development, supply and marketing agreement with a large multi-national pharmaceutical company. In accordance with the confidentiality agreement in place, the name of the company remains undisclosed.
The agreement designates IGI Laboratories, Inc. (IGI) as the developer and manufacturer of a generic topical pharmaceutical drug product, which will be licensed, marketed and distributed in the United States by our partner, or its subsidiaries. The named product in the agreement was developed at IGI.
IGI has now filed the Abbreviated New Drug Application associated with the named generic pharmaceutical product. In accordance with the agreement, our partner is required to pay IGI when certain milestones are met related to the filing and approval of the associated ANDA.
In addition, in accordance with the agreement, IGI will also receive a share of the profits following the approval and commercialization of the product.
Jason Grenfell-Gardner, President and CEO of the Company, commented, "This strategic partnership provides IGI with an opportunity to collaborate with an established generic pharmaceutical drug manufacturer. This agreement will provide IGI with some liquidity in the near future which will help us accelerate our generic pharmaceutical research and development efforts in 2014."