IGI Laboratories, Inc. Announces Private Placement to Fund Proposed Product Acquisition
12/27/2012 9:22:57 AM
BUENA, N.J.--(BUSINESS WIRE)--IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based generic topical pharmaceutical company, today announced it closed a private placement on December 21, 2012 for a gross proceeds of $2.0 million. The Company issued 1,965,740 shares of the Company’s common stock, par value of $0.01 per share, held in treasury, and a ten-year warrant to purchase up to an aggregate of 387,201 shares of the Company’s common stock, with an exercise price of $0.01 per share. The Company intends to use the proceeds from this offering to fund a proposed product acquisition. The Company signed a letter of intent and non-binding term sheet for the product acquisition on December 20, 2012. Following the completion of the Company’s due diligence, and subject to customary closing conditions, the Company would expect to complete the product acquisition by the end of January 2013.