IGI Laboratories has entered a license, development, supply and marketing agreement with a large, global pharmaceutical company, to develop and manufacture a generic topical drug product developed at IGI, which will be licensed, marketed and distributed in the U.S. by its partner and/or its subsidiaries.
IGI has filed the ANDA associated with the product is eligible to receive milestones related to the filing and approval. IGI will also receive a share of the profits following approval and commercialization.
Jason Grenfell-Gardner, president and chief executive officer of IGI, said, "This strategic partnership provides IGI with an opportunity to collaborate with an established generic pharmaceutical drug manufacturer. This agreement will provide IGI with some liquidity in the near future which will help us accelerate our generic pharmaceutical research and development efforts in 2014."