Teligent (TLGTQ) 8-K IGI LABORATORIES ANNOUNCES 4th QUARTER 2011 AND YEAR END 2011 RESULTS

Exhibit 99.1

News From

Release Date: March 20, 2012

Contact:

Jenniffer Collins

IGI Laboratories, Inc.

(856) 697-1441

www.igilabs.com

IGI LABORATORIES ANNOUNCES 4^th QUARTER 2011 AND YEAR END 2011 RESULTS

BUENA, NJ -(BUSINESS WIRE) – IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic drug development and manufacturing company, provided its financial results for the fourth quarter and year ended December 31, 2011.

Fourth Quarter 2011 Highlights vs. 2010

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Total Revenues of $2.1 million, increase of 21% over same quarter in 2010

•

Net loss was unchanged at $0.5 million for the fourth quarter of 2011 and 2010

•

Net loss included research and development costs of $578,000 and $574,000 in 2011 and 2010

Year to Date 2011 Highlights vs. 2010

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Total Revenues of $7.8 million, an increase of 28% over 2010

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Net loss was $3.0 million in 2011 as compared to a net loss of $3.4 million in 2010

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Net loss included research and development costs of $2.2 million and $1.5 million in 2011 and 2010

IGI’s President and Chief Executive Officer, Charlie Moore, stated, “We are extremely proud of both 2011’s fourth quarter and full year performance. We did a lot of great things in 2011. We ended the year with three straight quarters of revenue in excess of $2.0 million; we filed three more Abbreviated New Drug Applications (“ANDAs”) for topical generic pharmaceutical drug products; and we executed long term contracts with our two largest customers. We plan to continue to execute our strategic plan to expand our contract manufacturing services business in 2012, and continue to build a portfolio of prescription generic formulations in topical dosage forms and submit another four to six ANDAs in 2012.” IGI has filed five ANDAs to date.

IGI LABORATORIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the three months ended December 31, 2011 and 2010

(in thousands, except shares and per share information)

	Three months ended December 31,
		2011		2010
Revenues:
Product sales, net	$	1,699	$	1,349
Research and development income		383		318
Licensing and royalty income		-		41
Other revenue		13		17
Total revenues		2,095		1,725
Costs and Expenses:
Cost of sales		1,433		1,137
Selling, general and administrative expenses		778		745
Product development and research expenses		578		574
Total costs and expenses		2,789		2,456
Operating loss		(694)		(731)
Interest expense		(73)		(8)
Interest and other income, net		2		-
Loss before benefit from income taxes		(765)		(739)
Benefit from income taxes		226		217
Net loss	$	(539)	$	(522)
Basic and diluted loss per common share	$	(.01)	$	(.01)
Weighted average shares of common stock outstanding
Basic and diluted		39,498,096		34,951,808

IGI LABORATORIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the years ended December 31, 2011 and 2010

(in thousands, except shares and per share information)

		2011		2010
Revenues:
Product sales, net	$	6,729	$	5,163
Research and development income		921		666
Licensing and royalty income		100		248
Other revenue		56		17
Total revenues		7,806		6,094
Costs and Expenses:
Cost of sales		5,546		4,989
Selling, general and administrative expenses		3,078		3,226
Product development and research expenses		2,151		1,510
Total costs and expenses		10,775		9,725
Operating loss		(2,969)		(3,631)
Interest expense		(281)		(10)
Interest and other income, net		17		1
Loss before benefit from income taxes		(3,233)		(3,640)
Benefit from income taxes		226		217
Net loss		(3,007)		(3,423)
Preferred stock dividends		-		(1,284)
Net loss attributable to common stockholders	$	(3,007)	$	(4,707)
Basic and diluted loss per common share	$	(.08)	$	(.20)
Weighted average shares of common stock outstanding
Basic and diluted		39,448,706		23,822,167

IGI LABORATORIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31, 2011 and 2010

(in thousands)

		2011		2010
Cash flows from operating activities:
Net loss	$	(3,007)	$	(3,423)
Non-cash expenses		1,117		1,311
Changes in operating assets and liabilities		(504)		(901)
Net cash used in operating activities		(2,394)		(3,013)
Net cash used in investing activities		(350)		(195)
Net cash provided by financing activities		542		7,200
Net increase (decrease) in cash and cash equivalents		(2,202)		3,992
Cash and cash equivalents at beginning of year		5,116		1,124
Cash and cash equivalents at end of year	$	2,914	$	5,116

IGI LABORATORIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share information)

		December 31, 2011		December 31, 2010
ASSETS
Current assets:
Cash and cash equivalents	$	2,914	$	5,116
Accounts receivable, less allowance for doubtful accounts of $16 in 2011		1,197		794
and $10 in 2010
Licensing and royalty income receivable		11		21
Inventories		1,195		816
Other receivables		239		234
Prepaid expenses		130		190
Total current assets		5,686		7,171
Property, plant and equipment, net		2,800		2,769
Restricted cash, long term		54		54
License fee, net		400		500
Debt issuance costs, net		639		800
Other		57		57
Total assets	$	9,636	$	11,351
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	629	$	341
Accrued expenses		611		476
Deferred income, current		38		58
Capital lease obligation, current		38		32
Total current liabilities		1,316		907
Note payable, related party		500		-
Deferred income, long term		25		29
Capital lease obligation, long term		30		68
Total liabilities		1,871		1,004
Commitments and contingencies
Stockholders’ equity:    Series A Convertible Preferred stock, liquidation preference - $500,000 at      December 31, 2011 and December 31, 2010		500		500
Series C Convertible Preferred stock, liquidation preference - $1,686,527 at      December 31, 2011 and $1,609,027 at December 31, 2010		1,517		1,517
Common stock		415		413
Additional paid-in capital		46,246		45,823
Accumulated deficit		(39,518)		(36,511)
Less treasury stock, 1,965,740 common shares at cost		(1,395)		(1,395)
Total stockholders’ equity		7,765		10,347
Total liabilities and stockholders' equity	$	9,636	$	11,351

About IGI Laboratories, Inc.

IGI Laboratories is focused in the development and commercialization of products for the dermatology market.

IGI Laboratories, Inc. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions, and other statements contained in this press release that are not historical facts and statements identified by words such as " will," "possible," "one time," "provides an opportunity," "continue" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under the caption "Risk Factors" in IGI Laboratories, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors or IGI Laboratories, Inc.’s ability to implement business strategies. IGI Laboratories, Inc. does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.