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IGI FIRST QUARTER REVENUE UP 7 PERCENT: ADVANCES CITED IN COSMETIC, VACCINE, PHARMACEUTICAL DEVELOPMENTS

 IGI FIRST QUARTER REVENUE UP 7 PERCENT: ADVANCES CITED IN COSMETIC,
 VACCINE, PHARMACEUTICAL DEVELOPMENTS
 VINELAND, N.J., May 15 /PRNewswire/ -- IGI, Inc. (AMEX: IG), said today that revenue for the first quarter of 1992 rose 7 percent to $5,683,854 vs. $5,310,515 a year ago, while net income remained largely unchanged at 1 cent a share, due to the company's continuing strategy of funding development of its microencapsulation technologies with profits from its core businesses.
 Net income in 1992 was $41,672, or 1 cent a share, as compared with $24,873, or 1 cent a share, for 1991.
 The company said international sales increased again and accounted for 31 percent of the company's total sales, up from 28 percent for the first quarter of 1991. Sales of prescription companion pet products were up 15 percent, showing continuing recovery of this market. The over-the-counter pet products segment posted a revenue gain owing partially to introduction of several new Novasome(TM) based products.
 Micro Vesicular Systems, Inc. (MVS), IGI's majority-owned subsidiary, has recently received commercial production purchase contracts for Novasome based products from two major cosmetic companies. These products are expected to be introduced in the upscale department store market and the mass consumer markets, respectively.
 The company's Lipovax subsidiary, headed by Edmund C. Tramont, has recently reached an accord with a vaccine biotechnology company to develop a number of human vaccines. Lipovax is also working on a number of vaccines for various human diseases using IGI's Novasome lipid vesicle antigen carrier adjuvant system under a wide cooperative research and development agreement with the United States Army. Preclinical work on an improved hepatitis B vaccine with the Center for Blood Research in Boston is moving ahead.
 IGI Pharmaceuticals Division expects to introduce its Anthrasome(TM) Cream for psoriasis for prescription use only in 1993. Robert M. Winslow, M.D., has joined the company as president of its Blood Cells, Inc., subsidiary. Winslow, also adjunct professor of medicine at the University of California, San Diego, is a distinguished scientist, a noted hematologist, and an expert in the field of blood substitutes. From 1985 to 1991 he was Chief, Blood Research Division, and Combat Casualty Directorate, Letterman Army Institute of Research, San Francisco.
 Research and development, production, clinical evaluation, and further product applications continue as planned at MVS.
 On May 8, 1992, the company filed a registration statement with the Securities and Exchange Commission for the offering of 364,955 shares of its common stock held by certain shareholders. The shares being registered were sold in a private placement in January 1992.
 IGI, Inc., is a diversified, profitable biotechnology company. Its majority-owned subsidiary, Micro Vesicular Systems, Inc., has created patented technologies for lipid vesicle ("Novasome") microencapsulation and biodegradable hydrogels ("Ultrasponge(TM)"). These are being developed for a variety of commercial applications including pharmaceuticals, human vaccines, blood cell substitutes, cosmetics and personal care products.
 Lipovax Inc. and Blood Cells, Inc., are majority-owned subsidiaries involved in the development of human vaccines and blood cell substitutes, respectively. Vineland Laboratories, EVSCO Pharmaceuticals, and Tomlyn Products are divisions which produce and sell, respectively, poultry vaccines, small animal pharmaceuticals and pet care products worldwide.
 (A) -- Novasome and Ultrasponge are trademarks of a subsidiary of IGI, Inc.
 IGI, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited)
 Three months ended March 31 1992 1991
 Net sales $5,683,854 $5,310,515
 Cost of sales 2,715,642 2,595,148
 Gross profit 2,968,212 2,715,367
 Selling, general and administrative expenses 2,398,081 2,204,268
 Research and development expenses, net 396,833 314,387
 Operating profit 173,298 196,712
 Interest expense, net 121,626 153,333
 Other expense, net --- 1,506
 Income before provision for income taxes 51,672 41,873
 Provision for income taxes 10,000 17,000
 Net income $ 41,672 $ 24,873
 Net income per common and common
 equivalent share $.01 $.01
 Average number of common and common
 equivalent shares 9,156,395 8,090,818
 -0- 5/15/92
 /CONTACT: Michael Dodge of IGI, 609-691-2411; or Thomas Redington of Redington, Inc., 203-222-7399 or 212-926-1733, for IGI/
 (IG) CO: IGI, Inc. ST: New Jersey IN: MTC SU: ERN


GK-DB -- NY040 -- 0685 05/15/92 11:06 EDT
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Date:May 15, 1992
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