YORK, Pa., Feb. 9, 2012 /PRNewswire/ --Unilife Corporation (“Unilife” or “Company”) (NASDAQ: UNIS; ASX: UNS) today announced financial results for the quarter ended December 31, 2011 (Second Quarter of Fiscal Year 2012).
Recent Highlights:
- Signed a clinical development agreement for a novel device for targeted organ delivery in November 2011; Unilife will receive $1.4 million in initial revenues, which will be recognized through the Fourth Quarter of Fiscal 2012
- Completed a common stock offering of 8,250,000 shares with net proceeds of $33.8 million to the Company (November, 2011)
- The additional capital strengthens Unilife’s negotiating position with pharmaceutical companies
- Broadened base of U.S. healthcare investors with long-term investment strategies
- Awarded a two year contract with Premier Purchasing Partners, the nation’s largest healthcare alliance, for the supply of the Unitract® range of 1mL safety syringes (October 2011)
- Open market purchases of the Company’s common stock of approximately $1.0 million by Unilife Chief Executive Officer, Alan Shortall (January - February 2012)
“Unilife has made excellent progress across all areas of its business during the quarter ended December 31, 2011. As we enter calendar year 2012, I believe that we have the broad operational capabilities and high-performance team in place to achieve a series of previously announced key business milestones,” stated Mr. Shortall.
“In this regard, I recently made the decision to further increase my position as Unilife’s largest shareholder with the purchase of approximately $1.0 million of common stock in the open market. This decision further underlines my confidence in the strength of Unilife’s current business position. I plan to continue purchasing Unilife common stock in the open market moving forward, in line with our trading policies and SEC regulations.
“In November 2011, we completed a capital raise that bolstered our cash position in order to help support the negotiation of favorable agreements with pharmaceutical customers, the continued expansion of our portfolio of proprietary devices, and to further increase our operational capabilities. An additional benefit of the capital raise is that through the placement of shares with primarily blue chip, healthcare dedicated and long-only funds, we have an expanded investor base and created greater liquidity for the Company’s common stock,” concluded Mr. Shortall.
Financial Results for Three Months Ended December 31, 2011
Revenues for the three months ended December 31, 2011 were $0.9 million compared to $1.8 million for the same period in 2010. The variation in revenue reflects the Company’s strategic decision to discontinue its contract manufacturing operation in December 2010 and instead, focus on the commercialization, production and supply of its own propriety line of products. In addition, during the three months ended December 31, 2011, the Company recognized revenue of $0.2 million related to the clinical development and supply of a novel device for targeted organ delivery.
The Company’s net loss for the three months ended December 31, 2011 was $12.9 million, or $0.19 per diluted share, compared to a net loss of $10.4 million, or $0.19 per diluted share, for the same period in 2010. The increase in the net loss was primarily attributable to an increase in research and development expenses related to the development of additional advanced drug delivery devices. These amounts were partially offset by a reduction of $1.3 million in selling, general and administrative expenses.
Adjusted net loss for the three months ended December 31, 2011 was $9.6 million, or $0.14 per diluted share, compared to $7.6 million, or $0.14 per diluted share, for the same period in 2010. Adjusted net loss excludes non-cash share-based compensation expense, depreciation and amortization and interest expense.
As of December 31, 2011, the Company’s cash, cash equivalents and restricted cash were $41.7 million.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. U.S. Eastern Standard Time on February 9, 2012, to review the Company’s financial results, market trends and future outlook. The conference call and accompanying slide presentation will be broadcast over the Internet as a “live” listen only Webcast. An archive of the presentation and webcast will be available for 30 days after the call. To listen, please go to: http://ir.unilife.com/events.cfm.
About Unilife Corporation
Unilife Corporation (NASDAQ: UNIS / ASX: UNS) is a U.S. based developer and commercial supplier of advanced drug delivery systems. Unilife collaborates with pharmaceutical and biotechnology companies seeking innovative, differentiated devices that can enable or enhance the delivery of injectable drugs and vaccines supplied in either a liquid stable or lyophilized form. The Unifill syringe, the world’s first and only prefilled syringe with fully integrated safety features, sits at the leading edge of this diversified portfolio. In addition to prefilled and hypodermic safety syringes with automatic, user-controlled needle retraction, Unilife has other proprietary technology platforms including drug reconstitution delivery systems, auto-injectors, auto-infusion pump systems and specialized devices for targeted organ delivery. Unilife’s global headquarters and state-of-the-art manufacturing facilities are located in York, PA. For more information on Unilife, please visit www.unilife.com
