8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): September 15, 2009

IGI LABORATORIES, INC.
(Exact name of registrant as specified in charter)

DELAWARE
(State or Other Jurisdiction of
Incorporation) 001-08568
(Commission
file number) 01-0355758
(I.R.S. Employer
Identification
Number)

105 Lincoln Avenue
Buena, New Jersey 08310
(Address of principal executive offices)(Zip Code)

(856) 697-1441
(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Terrence O’Donnell and Appointment of Narendra N. Borkar

On September 15, 2009, Terrence O’Donnell announced his resignation as a member of the board of directors (“Board”) of IGI Laboratories, Inc. (the “Company”) effective September 15, 2009. The Board appointed Narendra N. Borkar to fill the newly created vacancy. Mr. Borkar will begin service as a member of the Board on September 15, 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. Borkar will receive compensation for his service as a director that is consistent with that of the Company’s other non-employee directors pursuant to a Director’s Compensation Arrangement adopted by the Board on June 26, 2009. Pursuant to the Director’s Compensation Arrangement, each non-employee director, including Mr. Borkar, receives 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 Mr. Borkar’s prorated annual retainer for 2009 shall be paid on October 1, 2009. Each newly appointed director, including Mr. Borkar, also receives a one-time grant of a stock option to purchase 30,000 shares of common stock upon such director’s initial appointment to the Board. The exercise price of the stock option grant equals the closing price of the Company’s common stock on the dat e of grant and such option will become fully vested on the first anniversary of the grant date.

The Company’s press release announcing the appointment of Mr. Borkar to the Board is attached hereto as Exhibit 99.1 and incorporated herin by reference.

Item 9.01. Exhibits

Exhibit No.	Description
99.1	Press Release of IGI Laboratories, Inc. dated September 21, 2009

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IGI LABORATORIES, INC.
Date: September 21, 2009	By:/s/ Philip Forte
	Name: Philip Forte Title: Controller

-3-

Exhibit Index

Exhibit Number	Description
99.1	Press Release of IGI Laboratories, Inc. dated September 21, 2009

-4-

EX-99

Exhibit 99.1

News From

Buena, NJ 08310

Release Date: September 21, 2009

Contact:

Philip S. Forte

IGI Laboratories, Inc.

(856) 697-1441 ext. 363

www.askigi.com

IGI LABS, INC. ANNOUNCES NARENDRA N. BORKAR’s APPOINTMENT TO ITS BOARD OF DIRECTORS

BUENA, N.J., September 21, 2009,--(BUSINESS WIRE)--IGI Laboratories, Inc. (NYSE AMEX:IG), a premier provider of topical formulation development, analytical, manufacturing and packaging services is pleased to announce the appointment of Narendra N. Borkar to the company’s board of directors. His appointment was effective September 15, 2009. Mr. Borkar will be replacing Mr. Terrence O’Donnell, who resigned from the Board in order to devote more time to his current business activities.

Mr. Borkar has over forty years of experience in the pharmaceutical industry. He has held various senior executive positions within the brand and generic segments of major pharmaceutical companies, including Merck & Co., Roche, and Novartis. Mr. Borkar also served as the CEO of Caraco Pharmaceutical Laboratories Ltd. from May 1997 to September 2003 and most recently as the CEO of Aurobindo Pharma USA.

Ms. Joyce Erony, Chairperson of the Board, stated “I am very pleased Narendra has accepted our invitation to join our board of directors. His operational experience and reputation in the pharmaceutical industry makes him an invaluable addition to the IGI team. We look forward to his contributions to the company. The IGI employees and I would also like to thank Mr. O’Donnell for his many years of dedicated service to the company. He has made important contributions to IGI’s success and we wish him well in his future endeavors.”

About IGI Laboratories, Inc.

IGI Laboratories, Inc. engages in the development, manufacturing, filling, and packaging of topical, semi solid and liquid products for pharmaceutical and cosmeceutical companies. The Company offers the patented Novasome® encapsulation technology which contributes value-added qualities to pharmaceutical and cosmeceutical products, providing improved dermal absorption and sustained release of the active molecule.

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 1 0-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.