YORK, Pa., May 11, 2015 /PRNewswire/ -- Unilife Corporation ("Unilife" or "Company") (NASDAQ:UNIS; ASX: UNS), a developer and supplier of injectable drug delivery systems, today announced its financial results for the quarter ended March 31, 2015 ("the third quarter of Fiscal Year 2015", "3Q FY15" or "Current Quarter").
Mr. Alan Shortall, Chairman and CEO of Unilife, commented: "Our strategy to build long-term, strategic partnerships with pharmaceutical and biotechnology leaders continues to gather pace. In addition to a new partnership with a major pharmaceutical company disclosed in January, partnership discussions also advanced favorably with a number of other companies seeking long-term access to our products and services. In parallel, we continue to broaden many existing customer relationships beyond their original scope as initial programs accelerate and additional programs get ready to commence.
"To support our growing base of customers and programs, we continue to expand the caliber of our team and operational capabilities. Our investment in R&D is also firmly aligned to addressing the needs of specific pharmaceutical companies so that we can further extend our competitive lead and penetrate other large, growing markets. As the value that we can provide to new and existing customers continues to accelerate, we expect these investments will further support our path to self-sustainability, and ultimately generate significant commercial revenue with attractive operating margins."
Business Highlights
- On January 20, 2015, Unilife filed a Form 8-K relating to a definitive global strategic agreement with a global biopharmaceutical company for the customization and supply of its injectable drug delivery systems for use with the customer's drug portfolio. The customer paid $5 million for the exclusive right to form and enter into a mutually agreeable development and supply agreement with Unilife to include exclusive access to the Unifill Finesse prefilled syringe and the LISA reusable auto-injector for target therapies within the customer's drug portfolio for the treatment of autoimmune diseases, as well as associated exclusivity fees.
- As previously announced, David Hastings joined the Company on February 23, 2015, as Chief Financial Officer. Mr. Hastings most recently served as Chief Financial Officer at Incyte Corporation from 2003 to 2014. In April 2015, Unilife also announced the appointment of Richard L. Beckman, M.D. to the position of Senior Vice President and Chief Medical Officer.
Financial Results for Three Months Ended March 31, 2015
Revenue for the Current Quarter was $2.9 million, compared to $1.4 million for the same period in the previous fiscal year. Cash receipts from customers were $8.9 million in the Current Quarter.
Since December 31, 2014, deferred revenue increased by $7.7 million to $24.8 million.
The Company's net loss for the Current Quarter was $23.1 million, or $0.20 per share, compared to a net loss of $15.1 million, or $0.15 per share, for the same period in the previous fiscal year. Adjusted net loss for the Current Quarter was $16.3 million, or $0.14 per share, compared to $11.7 million, or $0.12 per share, for the same period in the previous fiscal year. This increase in adjusted net loss is primarily attributable to increased investment in R&D. Adjusted net loss excludes $6.8 million of charges in the Current Quarter compared to $3.4 million for the same period in the previous fiscal year. Adjusted net loss excludes non-cash share-based compensation expense, depreciation and amortization, interest expense and the change in fair value of financial instruments.
Unilife had $39.2 million in total cash and cash equivalents, including restricted cash, as of March 31, 2015.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. U.S. EDT on Monday, May 11, 2015 (Tuesday, May 12, 2015, at 6:30 a.m. AEST), to review the Company's financial results, customer partnerships 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 injectable drug delivery systems. Unilife's broad portfolio of proprietary technologies includes prefilled syringes with automatic needle retraction, drug reconstitution delivery systems, auto-injectors, wearable injectors, ocular delivery systems and novel systems. Each of these innovative and highly differentiated 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, PA. For more information, please visit www.unilife.com or download the Unilife IRapp on your iPhone, iPad or Android device.
Forward-Looking Statements
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.
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