News Column

IGI Laboratories Prices $23.3 Million Underwritten Offering

July 7, 2014



By a News Reporter-Staff News Editor at Biotech Business Week -- IGI Laboratories, Inc. (NYSE MKT: IG; IGI or the Company), announced the pricing of its previously announced underwritten public offering of 4,650,000 shares of its common stock at a price to the public of $5.00 per share. IGI has also granted the underwriters a 30-day option to purchase up to an aggregate of 697,500 additional shares of common stock at the public offering price to cover over-allotments, if any. The gross proceeds of the offering will be $23,250,000, assuming no exercise of the overallotment option. The offering is expected to close on July 2, 2014, subject to customary closing conditions (see also Biotechnology Companies).

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Roth Capital Partners and Oppenheimer & Co. are acting as joint book-running managers for this offering. Craig-Hallum Capital Group, LLC is acting as a financial advisor to the Company.

The Company intends to use the proceeds of the offering for general corporate purposes, including, without limitation, research and development, general and administrative, manufacturing and marketing expenses, potential not yet identified acquisitions of companies, products, ANDAs, technologies and assets that complement our business.

This offering is being made pursuant to the Company's shelf registration statement previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov.

Keywords for this news article include: IGI Laboratories Inc, Biotechnology Companies.

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Source: Biotech Business Week


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