Shares in Unilife Corporation (ASX:UNS, NASDAQ:UNIS) have risen more than 11 per cent after securing $US60 million of debt funding.
The US based developer of injectable drug delivery systems says it has entered into an agreement with an affiliate of OrbiMed.
Unilife Chairman and CEO Alan Shortall says OrbiMed is one of the premier healthcare investors in the world and the agreement is a significant endorsement of Unilife.
Mr Shortall also believes OrbiMed’s decision to accept a small share of the company’s future net sales highlights their confidence in Unilife’s business model and future growth.
Mr Shortall says the funding provides Unilife with the necessary capital to drive business growth as it brings several large contracts with existing customers through to commercial rollout.
Shares in Unilife Corporation had risen 11.18 per cent in morning trade to $0.895.
Unilife reported a net loss of $30.7 million in the first half of the 2014 financial year.
