Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LIFE SCIENCES OPPORTUNITIES FUND II LP
  2. Issuer Name and Ticker or Trading Symbol
IGI LABORATORIES, INC [IG]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
CARNEGIE HALL TOWER, 152 WEST 57TH STREET, 19TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
08/27/2014
(Street)

NEW YORK, NY 10019
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/27/2014   S   455,257 D $ 6.2 2,102,053 D (1)  
Common Stock 08/27/2014   S   2,544,743 D $ 6.2 11,749,808 D (2)  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LIFE SCIENCES OPPORTUNITIES FUND II LP
CARNEGIE HALL TOWER
152 WEST 57TH STREET, 19TH FLOOR
NEW YORK, NY 10019
    X    
LIFE SCIENCES OPPORTUNITIES FUND INSTITTUTIONAL II LP
CARNEGIE HALL TOWERS
152 WEST 57TH STREET, 19TH FLOOR
NEW YORK, NY 10019
    X    
GALE JAMES C
152 WEST 57TH STREET, 19TH FLOOR
NEW YORK, NY 10022
  X      
LOF PARTNERS LLC
126 EAST 56TH STREET, 24TH FLOOR
NEW YORK, NY 10022
      See Remarks
SANDERS DON A
600 TRAVIS, SUITE 5800
HOUSTON, TX 77002
      See Remarks
MORRIS BENJAMIN T
600 TRAVIS, SUITE 5800
HOUSTON, TX 77002
      See Remarks

Signatures

 Life Sciences Opportunities Fund II, L.P., By: Signet Healthcare Partners, LLC, By: /s/ James C. Gale, Manager   08/28/2014
**Signature of Reporting Person Date

 Life Sciences Opportunities Fund (Institutional) II, L.P., By. Signet Healthcare Partners, LLC, By: /s/ James C. Gale, Manager   08/28/2014
**Signature of Reporting Person Date

 Signet Healthcare Partners, LLC, By: /s/ James C. Gale, Manager   08/28/2014
**Signature of Reporting Person Date

 SMW Investments I, LLC, By: Ben T. Morris, Managing Member   08/28/2014
**Signature of Reporting Person Date

 James C. Gale   08/28/2014
**Signature of Reporting Person Date

 Don A. Sanders   08/28/2014
**Signature of Reporting Person Date

 Ben T. Morris   08/28/2014
**Signature of Reporting Person Date

 Donald V. Weir   08/28/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These securities are owned directly by Life Sciences Opportunities Fund II, L.P. and indirectly by Signet Healthcare Partners, LLC ("General Partner"), the general partner of Life Sciences Opportunities Fund II, L.P., James C. Gale, the chief investment officer, a manager, and a member of the General Partner, SMW Investments I, LLC ("SMW"), the controlling member of the General Partner, and Don A. Sanders, Ben T. Morris, and Donald V. Weir, the managing members of SMW. The General Partner, Mr. Gale, SMW, Mr. Sanders, Mr. Morris, and Mr. Weir disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, if any.
(2) These securities are owned directly by Life Sciences Opportunities Fund (Institutional) II, L.P. and indirectly by the General Partner, Mr. Gale, the chief investment officer, a manager, and a member of the General Partner, SMW, the controlling member of the General Partner, and Mr. Sanders, Mr. Morris, and Mr. Weir, the managing members of SMW. The General Partner, Mr. Gale, SMW, Mr. Sanders, Mr. Morris, and Mr. Weir disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, if any.
 
Remarks:
This is a joint filing by Life Sciences Opportunities Fund (Institutional) II, L.P., Life Sciences Opportunities Fund II, L.P., the General Partner, Mr. Gale, SMW, Mr. Sanders, Mr. Morris, and Mr. Weir. Life Sciences Opportunities Fund II, L.P. is the designated filer for Life Sciences Opportunities Fund (Institutional) II, L.P., the General Partner, Mr. Gale, SMW, Mr. Sanders, Mr. Morris, and Mr. Weir. The address of each filer is the same as the designated filer except SMW, Mr. Sanders, Mr. Morris, and Mr. Weir, which is 600 Travis, Suite 5900, Houston, Texas 77002. Ms. Erony and Mr. Gale currently serve on the IGI Laboratories, Inc. board of directors.

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