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IGI Laboratories, Inc. and Juventio, LLC Execute Three Year Turnkey Supply Agreement
2/15/2013 9:26:51 AM
BUENA, N.J.--(BUSINESS WIRE)--IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based generic topical pharmaceutical company, today announced it has entered into a three year agreement with Juventio, LLC (www.juventio.com) to manufacture and supply finished dose forms of certain cosmetic and OTC products and formulations owned and developed by IGI. These products utilize innovative encapsulation technology trademarked as Novasome® for which IGI currently holds an exclusive license. Juventio is a New Jersey based company that distributes premium non-prescription health products, in partnership with healthcare professionals. Jason Grenfell-Gardner, President and CEO of the Company, commented, “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.”
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