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YORK, Pa., Aug. 4, 2014 /PRNewswire/ -- Unilife Corporation ("Unilife" or "Company") (NASDAQ: UNIS; ASX: UNS), a developer and supplier of injectable drug delivery systems, today announced that it has completed the At-The-Market (ATM) facility with Cantor Fitzgerald. The final use of the ATM was completed through a single block transaction for 5,811,800 shares of common stock generating net proceeds for the Company of $12.4 million. No further sales of Common Stock can be made under the ATM facility.
Unilife has been advised that the majority of issued shares under the final distribution were acquired by a group of large US institutional investors.
Alan Shortall, CEO of Unilife, stated: "By completing this ATM facility and raising $12.4 million in net proceeds, we have been able to further strengthen our balance sheet and offset most of the one-time acceleration in investments made during the fourth quarter of fiscal year 2014 to meet increasing demand for our products and services from pharmaceutical customers.
"As per previous statements we expect that ongoing investments in capital equipment and R&D during fiscal year 2015 will be funded by customer payments under existing and upcoming programs, as well as our long-term debt financing agreement with OrbiMed and current cash on hand," concluded Mr. Shortall.
Unilife Corporation (NASDAQ:UNIS / ASX: UNS) is a U.S. based developer and commercial supplier of injectable drug delivery systems. Unilife's broad portfolio includes prefilled syringes with automatic needle retraction, drug reconstitution delivery systems, auto-injectors, wearable injectors, intraocular delivery systems and novel devices. Each of these innovative, differentiated technology platforms can be customized to address specific customer, drug and patient requirements. Unilife's global headquarters and state-of-the-art manufacturing facilities are located in York, Pennsylvania. For more information, please visit www.unilife.com or download the Unilife IRapp on your iPhone, iPad or Android device.
This press release contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to our management. Our management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in "Item 1A. Risk Factors" and elsewhere in our Annual Report on Form 10-K and those described from time to time in other reports which we file with the Securities and Exchange Commission.
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SOURCE Unilife Corporation