RECORDATION REQUESTED BY:

NJEDA

PO Box 990

Trenton, New Jersey 08625



SEND TAX NOTICES TO:

NJEDA

PO Box 990

Trenton, New Jersey 08625



             MORTGAGE AND SECURITY AGREEMENT AND FIXTURE FILING

             --------------------------------------------------



      THIS MORTGAGE. made this 10th day of January, 2002, between IGI,

INC., having offices at Wheat Road and Lincoln Avenue, Buena, New Jersey,

herein designated as the Mortgagor, AND



      The NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY, a public body

corporate and politic, constituting an instrumentality of the State of New

Jersey, having its principal office located at 36 West State Street, PO Box

990, Trenton, New Jersey, herein designated as the Mortgagee;



      WITNESSETH, that to secure payment in lawful money of the United

States of America, of the principal and interest of the promissory note

made and given by the Mortgagor, of the tenor and purport as follows:



      A note, of even date herewith, in the amount of $245,556 together

with interest at the rate therein provided, principal and interest thereon

to be payable in accordance with the terms of said note (the "Note"), and a

Loan Agreement between Mortgagor and Mortgagee (the "Agreement"). The terms

of the Note and Agreement are incorporated by reference herein.



      The Mortgagor hereby mortgages to the Mortgagee all that tract or

parcel of land and premises situate, lying and being in the Borough of

Buena, in the County of Atlantic, State of New Jersey, more particularly

described in Schedule A attached hereto and made a part hereof.



      TOGETHER, with all and singular the buildings, improvements, ways,

woods, waters, watercourses, rights, liberties, privileges, hereditaments

and appurtenances to the same belonging or in anywise appertaining, and the

reversion and reversions, remainder and remainders, rents, issues and

profits thereof and of every part and parcel thereof; AND ALSO all the

estate, right, title, interest, use, possession, property, claim and demand

whatsoever, of the Mortgagor both in law and in equity, of, in and to the

premises herein described, and every part and parcel thereof with the

appurtenances, TO HAVE AND TO HOLD the same unto the Mortgagee and to the

Mortgagee's proper use and benefit forever.



      PROVIDED ALWAYS, and these presents are upon the express condition

that if the Mortgagor shall well and truly pay to the Mortgagee, the sum of

money mentioned in the said Note and the interest thereon, at the time or

times and in the manner mentioned therein, according to the true intent and

meaning thereof, then these presents shall cease and be void, anything

herein contained to the contrary notwithstanding.



      COVENANTS:



      1.    SEIZIN AND WARRANTY. (R.S. 46:9-2). The Mortgagor warrants the

title to the premises.



      2.    INDEBTEDNESS. The Mortgagor covenants that the Mortgagor will

well and truly pay or cause to be paid to the Mortgagee, the said sum of

money and interest according to the tenor and purport of the Note and the

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