YORK, Pa., Oct. 3, 2014 /PRNewswire/ -- Unilife Corporation
(NASDAQ: UNIS and ASX: UNS), a developer and supplier of injectable
drug delivery systems, announced today that it received an
incremental $10 million under its
debt financing agreement with OrbiMed.
Unilife was originally eligible to receive two tranches of
$10 million in each of December 2014 and June
2015, in addition to the upfront payment of $40 million that OrbiMed funded in March 2014. To support Unilife's continued
business expansion and growing customer demand for its products and
services, OrbiMed accelerated the timing of the remaining financing
tranches. The first remaining tranche was funded on
October 1, 2014, and the second
remaining tranche is anticipated to be funded shortly
thereafter.
Mr. Alan Shortall, Chairman and
Chief Executive of Unilife said: "We are pleased to have further
strengthened our partnership with OrbiMed, the world's largest
dedicated healthcare investor. OrbiMed's investment reflects their
strong confidence in Unilife's future commercial success. We are
confident that this investment, together with cash receipts from
existing and upcoming customer programs, will meet our cash
requirements for fiscal 2015," Mr. Shortall concluded.
As part of the amendment, Unilife's cash receipt requirement for
calendar year 2014 has been reduced to $20
million, and an incremental requirement of $20 million has been introduced for the first
half of calendar year 2015. The annual cash receipt requirement for
future calendar years remains the same as in the original
agreement.
Both parties have agreed that OrbiMed will receive an increase
in royalty payments, as well as certain other economic concessions.
No equity or warrants were or will be issued as part of this
amended agreement.
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 portfolio of innovative, differentiated products
includes prefilled syringes with automatic needle retraction, drug
reconstitution delivery systems, auto-injectors, wearable
injectors, ocular delivery systems and novel systems. 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 or download the Unilife IRapp on your iPhone,
iPad or Android device.
General: UNIS-G
About OrbiMed
OrbiMed is a leading investment firm dedicated exclusively to
the healthcare sector, with approximately $12 billion in assets under management. OrbiMed
invests globally across the spectrum of healthcare companies, from
venture capital start-ups to large multinational companies.
OrbiMed's team of more than 80 employees manages a series of
private equity funds, public equity funds, royalty/debt funds and
other investment vehicles. OrbiMed maintains its headquarters in
New York City, with additional
offices in Herzliya, San
Francisco, Shanghai and
Mumbai.
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 and those
described from time to time in other reports which we file with the
Securities and Exchange Commission.
Investor / PR
Contacts (US):
|
|
Analyst
Enquiries
|
|
Investor
Contacts (Australia)
|
Todd Fromer / Garth
Russell
|
|
Leigh
Salvo
|
|
Jeff
Carter
|
KCSA Strategic
Communications
|
|
Westwicke
Partners
|
|
Unilife
Corporation
|
P: + 1
212-682-6300
|
|
P: + 1
415-513-1281
|
|
P: + 61 2 8346
6500
|
SOURCE Unilife Corporation