IGI prepares for possible takeover
applications, is making clear moves in preparation for a takeover,
after the company's financial representatives stated that some of
its past clients may be interested in investing in the company.
The comments were made by John Moroney, president of Landmark Financial Corporation, IGI's bankers, who declined to name any of the possible companies he was considering.
IGI said on September 27 that is had retained Landmark as its financial advisor in an effort to help it explore strategic alternatives, which it added would help the company to achieve its full potential.
The company said that the alternatives may include raising additional development capital, with the combination of a possible sale or merger. However, it has stressed that there have only been preliminary discussions on the subject to date and that there is no final course of action.
Last year the company signed a five year manufacturing agreement with Infusion Biotechnologies to produce a new line of high end cosmetics encapsulated with Novasome nano-particle delivery technology.
The resulting product line is now being marketed through large department and specialty stores in the US.
IGI claims that its patented delivery technology contributes value-added qualities to cosmetics, skin care products, dermatological formulations and other consumer products by providing improved dermal absorption, controlled and sustained release as well as improved stability and greater ease of formulation.
Novasome basically allows for the containment and controlled delivery of cosmetics formulations. Compared to liposome encapsulation of the early 80s, the company claims that the technology enables existing active ingredients to be entrapped in a much more efficient way during storage and prior to use, further enhancing an ingredient's stability. The increased stability is then said to make for a more efficient and effective delivery of active ingredients.
IGI has so far licensed the technology to leading global dermatological and skin care companies including Johnson & Johnson, Estee Lauder, Chattem, Genesis Pharmaceutical and Apollo Pharmaceutical.
It has also sub-licensed the rights to obtain FDA approval for and market IGI's PTH (1-34) compound for psoriasis, which is slated for Phase II clinical trials, to Manhattan Pharmaceuticals.
