CONTRACT FOR SALE OF REAL ESTATE



      1.    PARTIES.  This contract is made this  22nd  day of October,

2003 by and between IGI, Inc. with its principal address being 105 Lincoln

Avenue, Buena, New Jersey, 08310 ["Seller"] and CPB, Inc. with its

principal address being 610A South White Horse Pike, Elm, New Jersey, or

its designated assignee ["Purchaser"].



      2.    AGREEMENT.  The Seller agrees to sell and the Purchaser agrees

to buy the property described herein according to the terms of this

contract.



      3.    DESCRIPTION.  The property which is the subject matter of this

contract is known as 201 South Harding Highway (also known as Block 205,

Lot 1 on the Tax Map of Buena Borough) (the "Property") and includes all of

the improvements thereon except for the groundwater monitoring wells

installed by Seller.



      4    PRICE AND PAYMENT.



      Purchase Price.    The price of the property described is $450,000.00

which shall be paid subject only to the adjustments and apportionments

provided in this contract as follows:



(a)   Upon execution of this Contract:                        45,000.00

      Held in an interest bearing trust account by

      Pearce-Jannerone Real Estate, Inc.

      as escrow agent until

      the time of settlement



(b)   At closing of title by cash, certified or bank        $405,000.00

      cashier's check, the sum of



      Total:                                                 450,000.00



      5.    PURCHASER'S ABILITY TO PURCHASE.  This Agreement is not

contingent upon Purchaser obtaining financing.



      6.    TITLE QUALITY.  Title shall be good marketable and insurable

free and clear of all liens, encumbrances and tenancies and subject only to

the items set forth in this agreement. The test of marketability shall be

that which will be insured at regular rates by any title company licensed

to do business in New Jersey.



Purchaser shall have fifteen (15) days to have a title examination made. In

the event the examination discloses any flaw upon the Seller's title to

which the Purchaser has not consented, Purchaser must advise the Seller

within said fifteen (15) day period. In the event the Purchaser does not so

notify the Seller, then Purchaser will be deemed to have accepted the title

condition and thereafter may not complain or object to any flaw. If the

Purchaser does make a timely objection in writing to the Seller, Seller

shall have seven (7) days to remove the flaw. If Seller does not, Purchaser

shall be entitled to cancel the contract and obtain a return of its deposit

and the interest earned on the deposit and nothing more.



      A lien on the premises which can be satisfied from the proceeds to be

paid to the Seller at closing is not such a flaw which will entitle the

Purchaser to cancel the contract.



      7.    CLOSING.



            7.1   Closing Date and Place.  The closing will take place on

      or before December 31, 2003 at a title company chosen by Purchaser

      located within a ten mile radius of the Property.   Time is of the

      essence.



            7.2   Seller's Closing Duties.  At the closing, Seller will

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