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IGI COMPLETES PRIVATE PLACEMENT OF 381,385 RESTRICTED COMMON SHARES

 IGI COMPLETES PRIVATE PLACEMENT OF 381,385 RESTRICTED COMMON SHARES
 VINELAND, N.J., Jan. 2 /PRNewswire/ -- IGI, Inc. (AMEX: IG), today reported that it has completed the private placement of 381,385 shares of its common stock at a price of $11 per share. The shares are not registered under the Securities Act of 1933 and, therefore, the resale of the shares is restricted under the Act. None of the purchasers are affiliates of the company.
 The company intends to use proceeds of this transaction to speed development efforts at its two new majority owned subsidiaries, Blood Cells, Inc., and Lipovax Inc.
 IGI, Inc. is a diversified, profitable biotechnology company. Its majority owned subsidiary, Micro Vesicular Systems, Inc., has created novel patented technologies for lipid vesicle ("Novasome") microencapsulation and biodegradable hydrogels ("Ultrasponge"). These technologies are being developed for a wide variety of commercial applications.
 IGI's Vineland Laboratories, EVSCO Pharmaceuticals and Tomlyn Products divisions produce and sell poultry vaccines, small animal pharmaceuticals and pet care products worldwide.
 Novasome and Ultrasponge are trademarks of a subsidiary of IGI, Inc.
 -0- 1/2/92
 /CONTACT: Michael Dodge of IGI, 609-691-2411; or Thomas Redington, 203-222-7399 or 212-926-1733, for IGI/
 (IG) CO: IGI, Inc. ST: New Jersey IN: MTC SU:


GK-OS -- NY057 -- 6232 01/02/92 15:06 EST
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Publication:PR Newswire
Date:Jan 2, 1992
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