IGI Laboratories, Inc. 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. The products use IGI’s encapsulation technology Novasome. Juventio, based in NJ, distributes non-prescription health products, in partnership with healthcare professionals.
Jason Grenfell-Gardner, president and chief executive officer of IGI, said, “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 chief executive officer, said, “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.”