Unilife Corporation Announces Financial Results For Fiscal Year 2011 Second Quarter
Unilife Corporation (“Unilife” or “Company”) (NASDAQ: UNIS; ASX: UNS) today announced financial results for the three and six months ended December 31, 2010 (Fiscal Year 2011 Second Quarter).
Recent Company Highlights:
- Completed, on-schedule, the construction of a new global headquarters and production facility in York, PA; U.S. based staff now working out of the new facility
- Transferred Unitract® automated assembly line to York facility; on schedule to commission new clean rooms and resume production this quarter
- On schedule to commence initial production of the Unifill® ready-to-fill (pre-filled) syringe this quarter
- Completed private placement of A$23.1 million (US$22.3 million); received shareholder approval on February 7, 2011
- Secured A$12.8 million (US$13.0 million) in additional capital through 2010 Share Purchase Plan (“SPP”)
- Appointed Dr. Ramin Mojdeh, former Vice President and General Manager of Becton Dickinson (BD) Pharmaceutical Systems, as Unilife’s new Chief Operating Officer (COO)
Mr. Alan Shortall, Chief Executive Officer of Unilife, stated, “The past calendar year was a period of significant business expansion for Unilife. Key milestones completed during this time include our redomiciliation to the U.S., the listing of our common stock on NASDAQ, and the construction of our new state-of-the-art facility. We now have the operational capabilities and other support resources required to begin meeting projected market demand for our proprietary products from pharmaceutical and healthcare customers. The next step in our strategy is to increase the sales and marketing efforts surrounding our products, highlighting their unique value proposition. Part of this effort is focused on finalizing discussions with many of the world’s leading pharmaceutical companies for our Unifill ready-to-fill syringe, as well as some of our pipeline products.
“In an effort to support the growth of Unilife into a commercial manufacturing business, we recently appointed Dr. Ramin Mojdeh as Unilife’s Chief Operating Officer. Dr. Mojdeh has tremendous executive leadership qualities and strong product development expertise with global medical device industry leaders such as BD and Guidant Corporation.
“During the second quarter of fiscal 2011, we also strengthened our balance sheet by raising a total of A$35.9 million (US$35.3 million) through a private placement and our 2010 Share Purchase Plan. The proceeds raised will be used to support general operations as we continue to focus on commencing the initial production and sale of the Unifill® syringe, expanding our network of pharmaceutical customers, and bringing to market exciting new products from our pipeline,” concluded Mr. Shortall.
Financial Results for Three and Six Months Ended December 31, 2010
Revenues for the three months ended December 31, 2010 were $1.8 million compared to $3.2 million for the same period in 2009.
The Company’s net loss for the three months ended December 31, 2010 was $(10.4) million, or $(0.19) per diluted share, compared to a net loss of $(5.9) million, or $(0.13) per diluted share, for the same period in 2009. The increase in net loss was attributable to a decrease in industrialization fee revenue as well as increased research and development expenses to finalize the product specifications of our Unifill syringe. In addition selling, general and administrative expenses increased due to higher share-based compensation expenses and higher payroll and related expenses due to increases in our workforce offset by a decrease in legal and consulting fees due to significant costs incurred in the prior year quarter in connection with our redomiciliation to the U.S.
Adjusted net loss for the three months ended December 31, 2010, which excludes approximately $2.7 million in share-based compensation expense, depreciation and amortization and interest expense was $(7.6) million, or $(0.14) per diluted share, compared to adjusted net loss of $(3.0) million, or $(0.07) per diluted share, for the same period in 2009.
Revenues for the six months ended December 31, 2010 were $5.3 million, compared to $6.4 million for the same period in 2009.
The Company’s net loss for the six months ended December 31, 2010 was $(17.6) million, or $(0.32) per diluted share, as compared to a net loss of $(8.0) million, or $(0.19) per diluted share, for the same period in 2009. The increase in net loss was attributable to a decrease in industrialization fee revenue, which was partially offset by an increase in contract manufacturing revenue as well as increased research and development expenses to finalize the product specifications of our Unifill syringe. In addition selling, general and administrative expenses increased due to higher share-based compensation expenses and higher payroll and related expenses due to increases in our workforce offset by a decrease in legal and consulting fees due to significant costs incurred in the prior year period in connection with our redomiciliation to the U.S.
Adjusted net loss for the six months ended December 31, 2010, which excludes approximately $6.1 million in share-based compensation expense, depreciation and amortization and interest expense was $(11.5) million, or $(0.21) per diluted share, compared to adjusted net loss of $(3.7) million, or $(0.09) per diluted share, for the same period in 2009.
As of December 31, 2010, the Company’s cash, cash equivalents and restricted cash were $41.5 million.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. U.S. Eastern Standard Time on February 14, 2011, 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.
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