IGI Laboratories net revenues increase 101% to $3.7M in first quarter 2013

IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based topical generic drug development and manufacturing company, announced its financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Highlights vs. 2012

• Total revenues of $3.7 million in the first quarter of 2013, an increase of 101% over the same quarter in 2012
• Total revenues in the first quarter of 2013 include $1.4 million of revenue generated from the sale of IGI label generic topical pharmaceutical products
• Revenue from our formulation and manufacturing contract services business increased by 24% in the first quarter of 2013 as compared to the same quarter in 2012
• Announced the purchase of the topical pharmaceutical product econazole nitrate cream 1%
• Gross profit increased to 30.1% in the first quarter of 2013 from 25.4% in the same quarter of 2012
• Filed one Abbreviated Drug Application, or ANDA, with the U.S. Food and Drug Administration (FDA) in the first quarter of 2013
• Net loss was $0.3 million and $0.7 million in the first quarter of 2013 and 2012, respectively
• Net loss included research and development costs of $0.7 million and $0.5 million in the first quarter of 2013 and 2012, respectively
• Announced execution of three year turnkey supply agreement with a total of $3.0 million of minimum purchases over the contract lifespan

IGI's President and Chief Executive Officer, Jason Grenfell-Gardner, stated, "The launch of our first ever IGI labeled topical pharmaceutical products has enabled us to more than double revenue compared to the first quarter of 2012. We believe that we are one step closer to our mission to become a leading player in the generic topical prescription drug market. At the same time, through the increase in orders from our pharmaceutical partners we were able to grow our formulation and manufacturing contract services revenue 24% over the first quarter of 2012. We believe that our sales strategy to increase revenue and improve our product mix resulted in an increase in gross profit to 30.1% in the first quarter of 2013, from 25.4% in the same period last year." Mr. Grenfell-Gardner continued, "Our research and development team has filed two ANDAs in 2013, one in the first quarter in January and one in April, which should keep us on track with our plan to file at least six ANDAs in 2013. In addition, we are working on completing the transfer of econazole nitrate cream 1%, which pending FDA approval of our site transfer, will allow us to begin manufacturing another IGI labeled generic pharmaceutical product beginning in the third quarter of 2013. We remain committed to our target to at least double our 2012 total revenue and achieve profitability in 2013."