UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                  FORM 12b-25
                          NOTIFICATION OF LATE FILING

                                               Commission File Number 001-08568
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(Check One):  |_| Form 10-KSB |_| Form 20-F |_| Form 11-K |X| Form 10-QSB
|_| Form 10-D |_| Form N-SAR |_| Form N-CSR

For Period Ended: September 30, 2006
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|_| Transition Report on Form 10-K

|_| Transition Report on Form 20-F

|_| Transition Report on Form 11-K

|_| Transition Report on Form 10-Q

|_| Transition Report on Form N-SAR

For the Transition Period Ended: ______________________________________________

      Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify
the item(s) to which the notification relates: _______________________________

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                                     PART I
                             REGISTRANT INFORMATION

IGI, Inc.
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Full name of registrant

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Former name if applicable

105 Lincoln Avenue
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Address of principal executive office (Street and number)

Buena, New Jersey 08310
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City, state and zip code


                                    PART II
                             RULE 12b-25(b) and (c)

      If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)

            (a) The reasons described in reasonable detail in Part III of this
            form could not be eliminated without unreasonable effort or
            expense;

|X|         (b) The subject annual report, semi-annual report, transition
            report on Form 10-K, Form 20-F, 11-K, Form N-SAR or Form N-CSR, or
            portion thereof, will be filed on or before the fifteenth calendar
            day following the prescribed due date; or the subject quarterly
            report or transition report on Form 10-Q or subject distribution
            report on Form 10-D, or portion thereof, will be filed on or before
            the fifth calendar day following the prescribed due date; and

            (c) The accountant's statement or other exhibit required by Rule
            12b-25(c) has been attached if applicable.

                                    PART III
                                   NARRATIVE

      State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D,
N-SAR, N-CSR, or the transition report or portion thereof, could not be filed
within the prescribed time period.

      Management required additional time to compile data to furnish to its
professionals to complete the Form 10-QSB for the quarter year ended September
30, 2006. The Form 10-QSB will be filed at about the time of filing of this
form.


                                    PART IV
                               OTHER INFORMATION

      (1) Name and telephone number of person to contact in regard to this
notification:

Carlene Lloyd                                                    (856) 697-1441
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   (Name)                                        (Area Code) (Telephone Number)

      (2) Have all other periodic reports required under Section 13 or 15(d) or
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).

                                                                 Yes |X| No |_|

      (3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or
portion thereof?

                                                                 Yes |_| No |X|

      If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.


                                   IGI, Inc.
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                  (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.

Date:  November 14, 2006               By:     /s/ Carlene Lloyd
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                                           Name: Carlene Lloyd
                                           Title: Vice President of Finance