IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic drug development and manufacturing company, provided its financial results for the fourth quarter and year ended December 31, 2011.
Fourth Quarter 2011 Highlights vs. 2010
- Total Revenues of $2.1 million, increase of 21% over same quarter in 2010
- Net loss was unchanged at $0.5 million for the fourth quarter of 2011 and 2010
- Net loss included research and development costs of $578,000 and $574,000 in 2011 and 2010
Year to Date 2011 Highlights vs. 2010
- Total Revenues of $7.8 million, an increase of 28% over 2010
- Net loss was $3.0 million in 2011 as compared to a net loss of $3.4 million in 2010
- Net loss included research and development costs of $2.2 million and $1.5 million in 2011 and 2010
IGI's President and Chief Executive Officer, Charlie Moore, stated, "We are extremely proud of both 2011's fourth quarter and full year performance. We did a lot of great things in 2011. We ended the year with three straight quarters of revenue in excess of $2.0 million; we filed three more Abbreviated New Drug Applications ("ANDAs") for topical generic pharmaceutical drug products; and we executed long term contracts with our two largest customers. We plan to continue to execute our strategic plan to expand our contract manufacturing services business in 2012, and continue to build a portfolio of prescription generic formulations in topical dosage forms and submit another four to six ANDAs in 2012." IGI has filed five ANDAs to date.