IGI Laboratories Acquires Econazole Nitrate Cream
IGI Laboratories, Inc., a New Jersey based generic topical pharmaceutical company, today announced it has entered into an agreement to purchase the topical pharmaceutical product Econazole Nitrate Cream 1% from Prasco, LLC., a privately-held pharmaceutical company located in Ohio. The purchase agreement includes the acquisition of the abbreviated new drug application, or ANDA, know-how related to the product, and other acquired assets related to the Econazole Nitrate Cream 1%.
Econazole Nitrate Cream 1% which is available in 15 g, 30 g, and 85 g tubes has U.S. Food and Drug Administration approved indications for the treatment of tinea pedis, tinea cruris, and tinea corporis as well as the treatment of cutaneous candidiasis and tinea versicolor. Upon approval from the FDA of the manufacturing site transfer, IGI intends to manufacture the product at the company’s facility in Buena, NJ.
Jason Grenfell-Gardner, President and CEO of the Company, commented, "Econazole is a proven product and fits well in our existing portfolio of IGI labeled products. The completion of this acquisition will bring the total number of available IGI products in our portfolio to four products and eight SKUs. Our current market information from IMS Health indicates a total addressable market for this product of $12.8 million in sales on an annual basis, of which we would expect to achieve a meaningful share. We believe this will provide additional stability to our revenue in 2013 and beyond.”