IGI INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Resignation of Stephen Morris and Appointment of Michael Hemric On June 26, 2009, Stephen Morris announced his resignation as a member of the board of directors ("Board") of IGI Laboratories, Inc. (the "Company") effective July 1, 2009. The Board appointed Michael Hemric to fill the newly created vacancy. Mr. Hemric will begin service as a member of the Board on July 1, 2009 and will serve until the Company's next annual meeting of stockholders and until his successor is elected and qualified or until his earlier, resignation or removal. Mr. Hemric will receive compensation for his service as a director that is consistent with that of the Company's other non-employee directors as described in the Company's 2009 proxy statement filed with the Securities and Exchange Commission on April 17, 2009. In addition, pursuant to a Director's Compensation Arrangement adopted by the Board on June 26, 2009, each non-employee director, including Mr. Hemric, will also receive an annual cash retainer in the aggregate amount of $25,000, to be paid in four equal installments on the first calendar day of each fiscal quarter; provided, however, that the annual retainer for 2009 shall be paid 50% on August 1, 2009 and 50% on October 1, 2009. In addition to receiving a one-time grant of an option to purchase 15,000 shares of common stock upon commencement of service on the Board pursuant the Company's 1999 Director Stock Option Plan, as described in the Company's 2009 proxy statement filed with the Securities and Exchange Commission on April 17, 2009, pursuant to a Director's Compensation Arrangement adopted by the Board on June 26, 2009, each newly appointed director, including Mr. Hemric, will also receive a one-time grant of a stock option to purchase an additional 15,000 shares of common stock upon such director'...
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IGI INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 29, 2009, IGI Laboratories, Inc. (the "Company") announced that it has named Hemanshu Pandya its new President and Chief Executive Officer, effective June 29, 2009. On May 28, 2009, Rajiv Mathur, the Company's President and Chief Executive Officer announced his resignation as an employee of the Company. Mr. Mathur also resigned from the Company's board of directors and the board appointed Mr. Pandya to fill the vacant seat created by Mr. Mathur's resignation, effective upon commencement of his employment on June 29, 2009. Joyce Erony, the Company's Chairwoman of the Board, will act as Interim President and Interim CEO until Mr. Pandya begins employment. In addition, the Company announced that Phillip S. Forte had been appointed to serve as the Company's Controller. Mr. Pandya, age 37, is currently employed as the Vice President and Chief Operating Officer of NexMed Inc., and has served in that position since October 2007. Prior to that, Mr. Pandya served as Chief Commercial Officer for Putney, Inc., a start-up veterinary pharmaceutical company, from March 2007 to July 2007. From August 2005 to December 2006, and prior to its merger with Watson Pharmaceuticals, Inc., Mr. Pandya was Senior Vice President of Business Development and Strategic Alliances for Andrx Pharmaceuticals, Inc., where he managed the licensing and co-development opportunities with strategic global partners. From August 2002 to August 2005, Mr. Pandya served as Vice President of Corporate Development and Commercial Operations for Able Laboratories, Inc. Prior to August 2002, Mr. Pandya served in various senior management positions with Ivax Pharmaceuticals, Inc. and Faulding/Purepac Pharmaceutical Company (subsequently Alpharma, Inc.). He received his Bachelor's Degree from Rutgers University. Joyce Erony, age 49, has served as the Chairwo...
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IGI INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits

Item 8.01. Other Events. As previously reported in the Company's Current Report on Form 8-K filed May 19, 2009, on March 13, 2009, IGI Laboratories, Inc., a Delaware corporation (the "Company") completed a private placement of Series B-1 Convertible Preferred Stock (the "Series B-1 Preferred Stock"), secured convertible promissory notes (the "Notes") and warrants to purchase shares of Series B-2 Preferred Stock (the "Warrants" and together with the Series B-1 Preferred Stock and the Notes, the "Securities") to certain investment funds affiliated with Signet Healthcare Partners, G.P. (the "Investors"), for an aggregate purchase price of $6,000,000 (the "Offering"). On May 15, 2009, at the 2009 Annual Meeting of Stockholders of the Company (the "2009 Annual Meeting"), the stockholders of the Company approved the Offering. As a result of the approval of the Offering, the outstanding $4,782,600 in principal amount of Notes, together with accrued and unpaid interest, were converted to an aggregate of 803.979 shares of Series B-1 Preferred Stock and the Warrants to purchase an aggregate of 797.1 shares of non-voting Series B-2 Preferred Stock were terminated. At the 2009 Annual Meeting, the stockholders also approved the issuance of 1,219,512 shares of the Company's common stock upon the conversion of the principal amount of the $500,000 secured line of credit agreement with Pinnacle Mountain Partners, LLC, a company owned by Dr. Edward and Jane Hager, significant stockholders of the Company, and in the case of Mrs. Hager, a director of the Company, at a conversion rate of $0.41 per share. Furnished as Exhibit 99.1, at the request of the NYSE AMEX Exchange, as part of its evaluation of the Company's efforts to regain compliance with its listing standards are the unaudited and unreviewed proforma consolidated income statement for the three month period ended March 31, 2009 ("Income Statement") and the...
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IGI INC Files SEC form 10-Q, Quarterly Report

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This " Management ' s Discussion and Analysis of Financial Condition and Results of Operations " section and other sections of this Quarterly Report on Form 10 Q contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and on management's beliefs and assumptions. In addition, other written or oral statements, which constitute forward-looking statements, may be made by or on behalf of the Company. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations of management and are not guarantees of future performance, and involve certain risks, uncertainties and assumptions, which are difficult to predict. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, the general economic conditions in the markets in which the Company operates, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of product development agreements or the loss of customers and other factors described in the Company' s filings with the Securities and Exchange Commission, including the "Risk Factors" section as set forth below in this Quarterly Report on Form 10-Q. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in ...
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IGI INC Files SEC form 8-K, Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibit

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously reported in the Company's Current Report on Form 8-K filed March 19, 2009, on March 13, 2009, IGI Laboratories, Inc., a Delaware corporation (the "Company") completed a private placement of Series B-1 Convertible Preferred Stock (the "Series B-1 Preferred Stock"), secured convertible promissory notes (the "Notes") and warrants to purchase shares of Series B-2 Preferred Stock (the "Warrants" and together with the Series B-1 Preferred Stock and the Notes, the "Securities") to certain investment funds affiliated with Signet Healthcare Partners, G.P. (the "Investors"), for an aggregate purchase price of $6,000,000 (the "Offering"). Upon consummation of the Offering, the board of directors of the Company (the "Board") appointed Joyce Erony, a managing director of Signet Healthcare Partners, G.P., to a newly created seat on the Board, as the designee of the holders of Series B-1 Preferred Stock. On May 15, 2009, at the 2009 Annual Meeting of Stockholders of the Company (the "2009 Annual Meeting"), the holders of Series B-1 Preferred Stock re-elected Joyce Erony to serve as their designee on the Board. In addition, the stockholders of the Company re-elected each of Terrence O'Donnell, Stephen J. Morris, Rajiv Mathur and Jane E. Hager to serve on the Board until the next annual meeting of stockholders and until his or her successor has been duly appointed and qualified, or until his or her earlier resignation or removal. As described in the press release attached hereto as Exhibit 99.1 and incorporated herein by reference, the stockholders of the Company approved the Offering at the 2009 Annual Meeting. Upon stockholder approval of the Offering, James C. Gale, a managing director of Signet Healthcare Partners, G.P., was appoin...
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IGI INC Financials

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IGI INC Files SEC form 10-Q, Quarterly Report

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This " Management ' s Discussion and Analysis of Financial Condition and Results of Operations " section and other sections of this Quarterly Report on Form 10- Q contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and on management's beliefs and assumptions. In addition, other written or oral statements, which constitute forward-looking statements, may be made by or on behalf of the Company. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations of management and are not guarantees of future performance, and involve certain risks, uncertainties and assumptions, which are difficult to predict. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, the general economic conditions in the markets in which the Company operates, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of product development agreements or the loss of customers and other factors described in the Company' s filings with the Securities and Exchange Commission, including those set forth under the caption "Risk Factors" in our most recent Annual Report on Form 10-K and as revised or supplemented by our quarterly reports on Form 10-Q. Therefore, actual ou...
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IGI INC Files SEC form 10-Q, Quarterly Report

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and other sections of this Quarterly Report on Form 10-Q contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and on management's beliefs and assumptions. In addition, other written or oral statements, which constitute forward-looking statements, may be made by or on behalf of the Company. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations of management and are not guarantees of future performance, and involve certain risks, uncertainties and assumptions, which are difficult to predict. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, the general economic conditions in the markets in which the Company operates, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of product development agreements or the loss of customers and other factors described in the Company's filings with the Securities and Exchange Commission, including those set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2008 and as revised or supplemented by our quarterly reports on Form 10-Q. T...
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IGI INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for IGI INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for IGI INC 21-Sep-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for tra...
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