FAIRFIELD, N.J.--(BUSINESS WIRE)--Unigene Laboratories, Inc. (OTCBB: UGNE) announced that it has agreed with a wholly-owned subsidiary of China Pharmaceutical Group Limited (“CPG”), a limited liability company listed on the main board of the Hong Kong Stock Exchange, to enter into a private placement with gross proceeds to Unigene of $2,008,800. The purchaser is to receive 1,080,000 shares of Unigene common stock in exchange for payment to Unigene of $1.86 per share, an 11% premium to the closing stock price on April 28, 2008, the date on which the parties agreed to the purchase price, in anticipation of finalizing the transaction documents.
