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): November 23, 2010

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.

Appointment of Bhaskar Chaudhuri

On November 23, 2010, the board of directors (the “Board”) of IGI Laboratories, Inc. (the “Company”) appointed Bhaskar Chaudhuri to be a member of the Company’s Board commencing December 1, 2010. Mr. Chaudhuri 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. Chaudhuri will receive compensation for his service as a director that is consistent with that of the Company’s other non-employee directors pursuant to the director’s compensation arrangement (the “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. Chaudhuri, 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. Chaudhuri’s prorated annual retainer for 2010 shall be paid on December 15, 2010. Each newly appointed director, including Mr. Chaudhuri, 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 cl osing price of the Company’s common stock on the date of grant and such option will become fully vested on the first anniversary of the grant date. There are no transactions in which Mr. Chaudhuri has an interest requiring disclosure under Item 404(a) of Regulation S-K.

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

Item 9.01. Financial Statements and Exhibits.

(d)  The following exhibit is furnished with this Form 8-K:

Exhibit No.	Description
99.1	Press Release of IGI Laboratories, Inc. dated November 30, 2010

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: November 30, 2010	By:	/s/ Philip S. Forte
	Name:	Philip S. Forte
	Title:	Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Press Release of IGI Laboratories, Inc. dated November 30, 2010

EX-99

Exhibit 99.1

Buena, NJ 08310

Release Date: November 30, 2010

Contact: Philip S. Forte

IGI Laboratories, Inc.

(856) 697-1441

www.igilabs.com

IGI LABORATORIES, INC. ANNOUNCES BHASKAR CHAUDHURI’S APPOINTMENT TO ITS
BOARD OF DIRECTORS

BUENA, N.J.--(BUSINESS WIRE) – IGI Laboratories, Inc. (NYSE Amex: IG). IGI Laboratories, Inc. (the “Company”) is pleased to announce the appointment of Bhaskar Chaudhuri to its board of directors commencing December 1, 2010.

Mr. Chaudhuri has more than 20 years experience in pharmaceutical management, research and development. Mr. Chaudhuri holds a Doctorate in Physical Pharmacy, a Masters of Science in Industrial Pharmacy and a Bachelors of Science in Pharmacy. Mr. Chaudhuri served as President of Valeant Pharmaceuticals International until September 28, 2010. Prior to joining Valeant, upon Valeant’s acquisition of Dow Pharmaceutical Sciences, Inc. on December 31, 2008, Mr. Chaudhuri served for seven years as Dow’s President and Chief Executive Officer and a member of Dow’s Board of Directors. Prior to that, Mr. Chaudhuri served as Executive Vice President of Scientific Affairs at Bertek Pharmaceuticals, a subsidiary of Mylan Laboratories. Prior to his positions at Bertek, Mr. Chaudhuri served as the General Manager of the Dermatology Division of Mylan Laboratories. Mr. Chaudhuri joined Mylan through the acquisition of Penederm, In c., where he was the Vice President of R&D from 1992 to 1998.

“We welcome Bhaskar to the IGI board where his vast experience in dermatology will be a valuable asset in helping guide the future direction of the company” commented President/CEO Charlie Moore.

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.