New Issue: IGI details $1.55 million placement of 5% convertible preferreds

By Devika Patel

Knoxville, Tenn., March 31 - IGI Laboratories, Inc. gave further details about a $1.55 million private placement of 5% series C convertible preferred stock in an 8-K filed Wednesday with the Securities and Exchange Commission. The deal settled March 29.

Each $1,000 preferred is initially convertible into common shares at $0.69 per share.

Investors included funds affiliated with Signet Healthcare Partners, GP, the company's majority stockholder, and Jane E. Hager, a director and stockholder.

IGI is a pharmaceutical company based in Hillside, N.J.

Issuer:	IGI Laboratories, Inc.
Issue:	Series C convertible preferred stock
Amount:	$1.55 million
Preferreds:	1,550
Price:	$1,000.00
Conversion price:	$0.69
Dividends:	5%
Warrants:	No
Investors:	Signet Healthcare Partners, GP, Jane E. Hager
Settlement date:	March 29
Stock symbol:	Amex: IG
Stock price:	$0.69 at close March 29
Market capitalization:	$11.8 million

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