IGI, Medimetriks in Manufacturing, Marketing Pact

IGI Laboratories has entered into a long-term strategic partnership with Medimetriks Pharmaceuticals in which IGI will develop and manufacture a family of prescription topical drug products owned by Medimetriks. IGI will also be Medimetriks’ authorized generic distributor of certain products in this line.

Medimetriks expects to launch its new line of prescription topical brands during the 2Q12. IGI Laboratories will begin the authorized generic distribution of certain of those products shortly thereafter.

IGI’s chief executive officer, Charlie Moore, commented, “This marks a significant step for IGI Laboratories as it expands into a fully-integrated developer and manufacturer of prescription topical pharmaceuticals. This partnership provides IGI the opportunity to enhance our relationship with a strong brand marketer as well as providing marketing opportunities as the authorized generic. Further, it complements our key corporate initiative, to continue to file our own Abbreviated New Drug Applications (ANDAs) and to establish a presence in the generic pharmaceutical arena. We appreciate the confidence Medimetriks has shown in IGI.”

Bradley Glassman, chairman and chief executive officer of Medimetriks, remarked, “We have been very impressed with IGI, its staff and their commitment to customer service. IGI’s investment into its facilities the past few years is impressive and has created a solid foundation for the future. IGI and Medimetriks are ready for this partnership, which we believe is value-creating and a strategic catalyst for both of us.”