IGI Laboratories and Juventio Execute Three Year Turnkey Supply Agreement
News Feb 22, 2013
IGI Laboratories, Inc. has announced that it has entered into a three year agreement with Juventio, LLC to manufacture and supply finished dose forms of certain cosmetic and OTC products and formulations owned and developed by IGI.
These products utilize innovative encapsulation technology trademarked as Novasome® for which IGI currently holds an exclusive license.
Juventio is a New Jersey based company that distributes premium non-prescription health products, in partnership with healthcare professionals.
Jason Grenfell-Gardner, President and CEO of the Company, commented, “We are excited to partner with Juventio, and utilize our existing Novasome® technology to provide turnkey manufacturing services. The utilization of our own technology and know-how enables us to achieve higher margins on these products, which brings us one step closer to achieving our goal of profitability in 2013. The agreement, which includes a total of $3.0 million of minimum purchases over the contract lifespan, is a testament to our focus to expand our higher-margin, committed contract services business.”
Tom Ford, Juventio’s CEO, notes, “The combination of IGI’s innovative technology and reliable manufacturing services makes them an ideal partner as we seek to provide health care professionals and patients with safe, effective and innovative solutions to common health issues.”