YORK, Pa., Oct. 24, 2016 /PRNewswire/ -- Unilife Corporation
("Unilife" or "Company") (NASDAQ: UNIS; ASX: UNS) today announced
that it has filed its Annual Report on Form 10-K for fiscal year
2016. In addition, the Company filed its Quarterly Report on Form
10-Q for the fiscal quarter ended March 31,
2016 along with (i) an amendment to the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 2015; (ii) an amendment to the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2015; and (iii) an
amendment to the Company's Quarterly Report on Form 10-Q for the
fiscal quarter ended December 31,
2015.
The Company also announced the completion of the internal
investigation, the accelerated purchase by Amgen, Inc. of
$10 million of a senior secured
convertible note, and provided an update on the restructuring of
its business to prioritize key wearable injector customer
programs.
The Company will hold an investor conference call on
Wednesday, November 2, 2016 at
4:30 p.m. ET.
Investigation Complete
Unilife has completed its investigation into violations of the
Company's policies and procedures and possible violations of law
and regulation by the Company's former Chief Executive Officer,
Alan Shortall, whose employment with
the Company ceased on March 11, 2016,
and its former Chairman, Jim
Bosnjak, who resigned from the Company's Board of Directors
on August 24, 2015.
The Company previously announced on July
28, 2016 that the investigation was substantially complete
and summarized the results in its Current Report on Form 8-K filed
with Securities and Exchange Commission on such date, including
that the investigation had not identified any material financial
loss to the Company. The investigation is now complete and has not
identified any additional financial loss other than was already
identified in the July 28, 2016 Form
8-K referenced above. Additional information regarding the findings
of this investigation is available in the Company's Annual Report
on Form 10-K filed today.
The Company today filed its Annual Report on Form 10-K for
fiscal year 2016 and its Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 2016,
the filings of which had been delayed as a result of the
investigation. In addition, the Company today filed
amendments to the Company's Quarterly Reports on Form 10-Q for the
fiscal quarters ended September 30,
2015 and December 31, 2015 and
an amendment to the Company's Annual Report on Form 10-K for fiscal
year 2015 to correct immaterial errors in the previously reported
financial statements and to disclose certain material weaknesses in
the Company's internal control over financial reporting and
disclosure controls and procedures.
Wearable Injector Program
Unilife continues to focus on its targeted growth strategy of
prioritizing active wearable injector programs with key
pharmaceutical customers including Amgen, Sanofi, and MedImmune,
the global biologics research and development arm of AstraZeneca.
This strategy is expected to improve operating efficiencies and
better position the Company to take advantage of commercial
opportunities within the fast-growing market for wearable
injectors, where it has industry-leading proprietary technology and
technical expertise.
John Ryan, Unilife's President
and Chief Executive Officer, commented, "Unilife has brought
together an industry-leading portfolio of wearable injectors, a
strong base of customer programs, a talented team of innovative
engineers, and a disciplined and focused leadership group. We
continue to be encouraged by the commitment of our strategic
partners and industry suppliers as we focus on bringing these
products to market with our customers' therapies.
Mr. Ryan continued, "We are pleased to have the internal
investigation and related delay in our securities filings behind us
so that we can now fully focus on executing on our wearable
injector-focused strategy. We are building an organization on
a foundation of integrity, accountability, and operational
discipline. We have implemented rigorous operating practices to
reduce cash burn, and we have the right pieces in place to build
value for shareholders, customers and partners."
Update on Cost Reduction Measures
Unilife has implemented comprehensive cost reduction measures as
it focuses operations on the programs of key strategic customers.
As part of this disciplined approach toward resource allocation and
expense management, the Company has reduced its workforce to
approximately 140 employees and has sublet a significant portion of
its office space in King of Prussia,
PA.
Mr. Ryan commented, "We now have a focused and engaged team
executing on wearable injector customer programs, with continuing
innovation in our industry-leading wearable injector technology. We
look forward to discussing our cost reduction efforts and cash burn
expectations on next week's conference call."
Amgen Note Purchase
Unilife today announced that Amgen has purchased a $10 million senior secured convertible note. This
transaction is an acceleration of a portion of the $15 million senior secured convertible note that
was originally contemplated to be purchased in January 2017 under the terms of the strategic
collaboration announced in February
2016. The $5 million balance
of the $15 million convertible note
is contemplated to be purchased by Amgen in January 2017, with an additional $10 million senior secured convertible note
contemplated to be purchased in January
2018, in each case, subject to the terms of the strategic
collaboration announced in February
2016.
The terms of the note purchased are discussed further in a
Current Report on a Form 8-K filed by the Company today.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. EDT on Wednesday, November 2, 2016 (Thursday, November 3, 2016 at 7:30 a.m. AEDT) to provide a business update and
to review the Company's financial results and future outlook. The
conference call will be broadcast over the Internet as a "live"
listen-only webcast. An archive of the webcast will be available
for 30 days after the call. To listen, 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 has a portfolio of innovative, differentiated
products with a primary focus on wearable injectors. Products
within each platform are customizable to address specific customer,
drug and patient requirements. Unilife's global
headquarters and manufacturing facilities are located in York,
PA. For more information,
visit www.unilife.com.
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. 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, those described in the
"Risk Factors" set forth in Unilife's prospectus
supplement, dated as of and filed with the U.S. Securities and
Exchange Commission on February 22, 2016, those described
from time to time in other reports which we file with the U.S.
Securities and Exchange Commission, and other risks and
uncertainties including, without limitation: that Amgen may not
purchase the remaining $5 million
balance of the senior secured convertible note in January 2017 or the additional $10 million senior secured convertible note in
January 2018; and that the Company's
focus on wearable injector programs with key pharmaceutical
customers may not improve its operating efficiencies or better
position the Company to take advantage of commercial
opportunities.
General: UNIS-G
Investor Contact (US):
Jeremy Feffer
Unilife Corporation
+1-717-384-3450
investors@unilife.com
Investor Contact (Australia):
Jeff Carter
Unilife Corporation
+61 2 8346 6500
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SOURCE Unilife Corporation