Unilife's CEO Discusses F1Q13 Results - Earnings Call Transcript

Nov. 9.12 | About: Unilife Corporation (UNIS)

Unilife Corporation (NASDAQ:UNIS)

F1Q13 Earnings Call

November 8, 2012 4:30 PM ET


Todd Fromer – IR

Alan Shortall – CEO

Rich Wieland – EVP and CFO


Danielle Antalffy – Leerink Swann

Anthony Petrone – Jefferies Group

Keith Markey – Griffin Securities


Good day, ladies and gentlemen, and welcome to the Unilife Corporation First Quarter Fiscal 2013 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time.

(Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s conference, Mr. Todd Fromer, Investor Relations representative.

Todd Fromer

Good afternoon, everyone, and good morning to our Australian supporters. Thank you for joining us for the Unilife Corporation fiscal 2013 first quarter conference call. Before we begin today, I would like to remind everyone that this conference call contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate to occur in the future are forward-looking statements. These forward-looking statements are based on management’s beliefs and assumptions and not on information currently available to management.

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.

With nothing further to add, I would like to now turn the call over to Mr. Alan Shortall, Chief Executive Officer of Unilife Corporation. Alan, the floor is yours.

Alan Shortall

Good afternoon, and good morning to our shareholders in Australia that have joined us today. I would like to start the call by reasserting that all fundamental areas of our business remain fully on track. Our commercial pipeline continues to strengthen in both size and scope.

The news we had earlier today regarding our Precision-Therapy platform, our bolus injectors being targeted by a major global pharmaceutical company as their preferred choice for the long duration subcutaneous delivery of more than five pipeline drugs is a wonderful example of this.

I will talk more about this field later on, on the call. The associations with many pharmaceutical companies are now at an advanced stage. We are looking forward with confidence to generate an attractive incremental and long-term revenue stream. Indeed, I expect shareholders will be pleased with our flow of agreements through the rest of fiscal year 2013 and beyond. (Inaudible) has been more disappoint in this quarter, it is the misunderstanding amongst certain media and investors about our entering into an At-the-Market facility with Cantor Fitzgerald. This is called recent stock fluctuations that in my opinion are completely unjustified.

I want to state clearly that we have not drawn down this facility nor do we have any immediate plans to do so. Should we choose the drawdown on the ATM at some stage in the future and any shares issued would be based on the market price of the stock on that day. If we do elect to issue any new stock, we are obliged to follow Australian laws requiring us to file a form B within days. So everyone will know very quickly if we elect to draw down on the ATM.

The main reason that we put the ATM in place, that was to strengthen our position at the negotiation table as we look forward to finalizing a number of substantial agreements with major pharmaceutical companies. And as you can see from today’s earlier announcement, things are going exactly to plan, and the process is working well for us.

Our clear focus remains firmly on building shareholder value. Now there are two key ways in which we are doing this. First, we are in the process of securing a series of long-term profitable relationships with our pharmaceutical customers. And second, we are investing heavily in R&D because you can’t deliver on the first without a clear and ongoing commitment to the second.

I want to emphasize how vital R&D is to Unilife. Indeed I believe it is the key to our success. Our investment in R&D makes us extremely attractive to our pharmaceutical customers and gives us a clear strategic advantage over our competitors. We invest in R&D in several ways. We are customizing our existing device platforms to address specific customer drug or patient need.

We are also improving our manufacturing efficiencies to increase our growth operating margins even further, and we are developing additional new groundbreaking device technologies. Every new device or platform that we develop has been driven by an unmet or emerging market need for one of our new or perspective customers. So in essence, every one of our products has a customer lined up beside it from day one.

The value of our R&D investment doesn’t just stop with one customer. Every time that we announce a development of a new product, we are embedded by inquiries from other pharmaceutical companies wanting to know more. So we expect to more than recoup the upfront investment we are making in R&D by the development programs by exclusively fees and commercial supply contracts that will generate attractive and incremental revenue streams.

Here are a few examples of recent R&D activity that we expect to generate a substantial return on investment. On the last call, we gave listeners a preview of the sister device to our RITA Disposable Autoinjector. Today, I would like to go into more detail about the LISA Reusable Autoinjector.

The LISA Autoinjector is arguably the most advanced autoinjector ever developed. It is the world’s first and only electronic reusable autoinjector. LISA allows the operator to select the speed of injection to minimize the potential for discomfort during those delivery. It has a push on skin sensor to minimize the risk of drug wastage. It uses a single activation button to remove the cap and deliver the dose. And it has needle-free removal when used with the Unifill syringe.

The LISA device is ideal for drugs targeted for patients’ self-injection, where a reusable device is considered more cost-effective and convenient than traditional disposable single-use options. So it strongly complements our RITA Disposable Autoinjector and gives us a full package for pharmaceutical customers to choose from. We are already attracting a strong level of interest in LISA for multiple parties.

We also just announced the development of two new platforms, the Depot-Ject and the Ocu-Ject that can accurately and then intuitively deliver injectible therapies into targeted organs of the body such as the eye. The Unilife Depot-Ject is ideal for use with therapies requiring the long-acting release of a drug. You can precisely implant the drug into the target region of the body such as the eye using an intuitive one-handed injection technique. This device platform was developed to address the inadequacies of currently available device technologies, which can potentially damage the drug or cause harm and discomfort to the patient.

The Unilife Ocu-Ject enables the precise delivery of microliter-sized doses to the eye. It is easy to use and designed to minimize patient discomfort and to maximize patient safety. Its accuracy ensures that the risk of over or under-dosing is significantly used, and its precision ensures total compliance with drug label requirements.

Under laboratory testing, the Ocu-Ject technology has been demonstrated to deliver a 10 microliter dose with only a 2% standard deviation, compare this to a standard 1mL tuberculin syringe, which has a 31% standard deviation. The capacity of Ocu-Ject to precisely deliver microliter dosing and essentially deliver a ten-fold increase in compliance with drug labeling requirements. This increase in dose accuracy and therapy compliance is extremely important, particularly when you are dealing with delicate and highly sensitive areas of the body such as the eye.

So we continue to add new game changer devices for what we believe is already the most complete portfolio of injectible drug delivery systems in the world. We can now enable and enhance the delivery needs of countless injectible therapies that are either approved or in need of life cycle management or in the clinical pipeline.

Indeed, I believe we are now better positioned to serve as the one-stop shop for pharmaceutical companies seeking innovative devices for injectible drug delivery than anyone else in our industry.

I will now hand you over to Rich Wieland for an overview of our financials.

Rich Wieland

Thanks very much, Alan, and thank you, everyone, for joining us today. As reported in our press release earlier, our financial results for the first quarter ended September 30, 2012, include revenues of $0.7 million, compared to $2.1 million for the same period last year. The revenue decline of $1.4 million relates to the final payment for our successful industrialization of the Unifill syringe under an agreement with Sanofi in the first quarter of the prior year.

Total net loss for the first quarter ended September 30, 2012, was $12.5 million, compared to a net loss of $9.7 million for the same period last year. The increase in net loss is primarily attributable to the decrease in revenues as mentioned above, as well as an increase in R&D, development of $400,000 and selling, general and administrative expenses of $400,000.

We also recognized additional depreciation and amortization expense of $200,000 and interest expense of $300,000. The adjusted net loss through the first quarter ended September 30, 2012, was $9.1 million compared to an adjusted net loss of $6.5 million for the same period last year. The increase in the adjusted net loss is primarily due to the $1.4 million decrease in revenue as mentioned earlier, and increases in R&D cost of $600,000, and selling, general and administrative costs of $600,000. Adjusted net loss excludes non-cash share-based compensation expense, depreciation and amortization and interest expense.

As of September 30, 2012, we held $20.9 million in cash. During our last analyst call in July, we communicated our commitment to reducing our operating expenses. I am, therefore, pleased to report that we have made significant progress towards its goal during the quarter with the $2.2 million decline in operating expenses, excluding non-cash charges for the quarter ended September 30, 2012, compared to the most recent quarter ended June 30, 2012. This savings represents an 18% decrease to the most recent quarter as of June 30, 2012, and represents a 9% reduction for the average quarterly operating expenses excluding non-cash charges during fiscal year 2012.

Now I’d like to turn the call back over to you, Alan.

Alan Shortall

Thank you, Rich. I’d like to begin the commercial update with an introduction to the executives that have recently joined our Commercial Development Team. Under the leadership of Michael Ratigan, we are delighted to welcome Doug Stout, Derek Giersch, Joe Crusco and Jashin Gugnani to Unilife’s Commercial Development Team. They are the best of the best in the industry with a strong mix of experience at some of the biggest drug delivery device companies and pharmaceutical companies in the world. The scheduled expansion of our commercial team at this time reflects the significant activity now underway across our commercial pipeline.

We now have a series of active programs and emerging opportunities in place with dozens of pharmaceutical companies. All of the devices in our platform are now in play with at least one pharmaceutical company. Our commercial team has the expertise and the industry reputation throughout and accelerate and finalize many of the existing programs within our commercial pipeline.

They are also now actively working on bringing some exciting new opportunities forward to realization. As we announced earlier today, our Precision-Therapy platform of bolus injection systems has been selected by a global pharmaceutical company to enter the next stage of collaboration as its preferred choice for long-duration subcutaneous drug delivery.

We’ve developed a few platforms in this area. These include the Precision-Therapy platform of bolus injectors for bolus or large volume therapies. And the Flex-Therapy platform of the infusion pumps for rate-based therapies. These wearable, disposable pump systems are designed for the long-duration subcutaneous delivery of doses between 1 millimeter and 30 millimeters in volume.

They feature a primary container with standard materials in the drug fluid path and are designed for integration into existing fill-finish lines. This device can be customized to address specific customer or patient needs such as dose volume, delivery rate and drug viscosity. They are highly compact in size and very intuitive to use. So they can be comfortably worn on or off the body of a patient during the seconds, minutes or hours that will require for the drug to be fully delivered.

Patients simply push a button to commence the automatic delivery of the dose via a soft, indwelling catheter. Visual and audible electronic indicators communicate with the patient during each stage of use. Upon the delivery of the full dose, the device can be removed from the body for convenient disposal. Our pump platforms are consistently being identified by pharmaceutical companies as the preferred technology for the long-duration subcutaneous delivery of injectible drugs.

Regarding the specific deal today, we have been advised that this global pharmaceutical company is targeting more than five pipeline injectible drugs for use with our Precision-Therapy device platform. The first of these target drugs identified by the customer is in Phase III clinical trials. Others within the target portfolio are also in the late stages of clinical development.

Today’s announcement follows an extensive evaluation process conducted by the customer that involves many of our device competitors. The customer has advised that the rationale for the selection of Unilife was our deep industry expertise, advanced operational capabilities, strong patent position and ability to consistently exceed program requirements.

They believe our superior device technology will represent a major part of the value proposition to support the successful commercial launch of a series of injectible therapies that currently reside within their clinical pipeline. This is indicative of what we hear from pharmaceutical customers on a regular basis. Having been selected by this customer to enter the next stage of collaboration, we have recently commenced the initial supply of our Precision-Therapy devices to them.

Initial revenues will be generated during the current fiscal as we support the immediate needs of the customer under this partnership program. We expect to enter into a development agreement with the customer during this current fiscal year to customize Precision-Therapy devices for use in the first target drugs for upcoming human clinical trials.

The first of these development agreements is expected to generate in excess of $10 million in revenue over an 18 to 24-month period. We expect to successfully enter into this series of additional development agreements with similar terms relating to the other target drugs in their pipeline. We further expect to begin the commercial supply of Precision-Therapy bolus injectors to the customer in 2015 to support the anticipated market launch of the first target drug.

Commercial supply contracts for each targeted drug under the program are expected to have an initial term of seven years. Based upon the indicated customer requirements for the first drug candidate, we would expect to generate commercial revenues of approximately $50 million per year under an initial supply contract.

Separate commercial supply contracts should also be entered into for every other target drug brought to market by the customer. Across the full portfolio of target drugs identified by the customer, we expect that commercial supply revenues per drug will range between $30 million and $70 million a year.

For commercial purposes and due to confidentiality clauses within the agreement, additional terms of the contract and the identity of the pharmaceutical company are to remain confidential at this time. The platform-based approached we have utilized in the development of our Precision-Therapy bolus injectors means that we will play an integral role in the clinical development, regulatory approval and the commercial success of our broad portfolio of injectible therapies under a long-term collaboration with this customer.

I expect each commercial supply contract that we sign under such programs can ultimately generate hundreds of millions of dollars in cumulative revenues during its full term. So this marks the start of a multi-stage, multi-drug, long-term partnership with this global pharmaceutical company.

However, it is just one of many exciting opportunities that now reside within our fast expanding commercial pipeline. We look forward to entering into some of the partnerships with other pharmaceutical companies that are now at various stages in the evaluation and selection of devices from our technology platform.

For our pump platforms alone, this news today is just one of a number of similar deals we have coming through. Some of these are for approved drugs requiring life-cycle management. Others are for pipeline drugs. In most cases, the pharmaceutical customer has several drugs in total that will be targeted for use with our devices.

As we look forward, I have no hesitation in saying that we anticipate the formulation of a series of additional long-term agreements over the course of this fiscal year. This will include supply contracts and clinical development agreements. I consider some of these additional agreements to be imminent. We can now begin to generate recurring incremental revenues from multiple devices for use with multiple drugs from multiple pharmaceutical companies.

Indeed, with the collaboration such as the one we announced today, our future cumulative revenue generated in potential has gone well into the billions of dollars.

So thank you for your time, and I’d now like to welcome questions. Operator?

Question-and-Answer Session


Thank you. (Operator Instructions) Our first question comes from the line of Danielle Antalffy with Leerink Swann. Your line is open.

Danielle Antalffy – Leerink Swann

Hi, good afternoon, guys. Thanks so much for taking the question. Hello? Can you hear me?

Alan Shortall

Yes, sorry, Danielle (inaudible).

Danielle Antalffy – Leerink Swann

Okay, great. Alan, just a quick question on your cash position, based on this deal that’s coming up here and the revenue that you know you have today, when do you think you might have to raise cash again, and will you likely draw down on this ATM, or would you potentially choose another option if you needed to?

Alan Shortall

Well, the ATM gives us insurance, that’s basically it. And also it builds our credibility in closing some of these deals as we demonstrated by this announcement that we made today. And we don’t have an immediate plan to go through the market. We have some commercial deals that we believe will come through in the meantime in the next quarter or so, which will actually increase our cash position considerably. We have a strong feeling and we have a strong confidence that that’s going to happen. So the ATM gives us some insurance if there’s any delays in those deals but we don’t expect delays.

Danielle Antalffy – Leerink Swann

Okay, great. And then on this deal that’s upcoming here, can you talk about – give any color on – so understating the first drug is in Phase III, the other four drugs, are they in similar phases or are we talking earlier stage drugs here?

Alan Shortall

These are all late stage drugs, they’re all late stage.

Danielle Antalffy – Leerink Swann

Okay, great. And then lastly, as far as this upcoming deal here, can you talk – give any color on the potential cadence of revenue understating the ultimate potential is very large but I guess how quickly can we get there? And that’s all for me. Thanks.

Alan Shortall

Okay. Well, look, we’ve already started to recognize revenue for this transaction at this stage, and we will recognize – it’s not significant revenues over the next few quarters, in fact, next 12 months two years. But you will see – we believe the development agreements are in place in this fiscal year as I said, and I think that will be sooner rather than later.

And that will have considerable funding attached to it as well. So I think you’ll see as we go commercial, you’ll see the revenues we recognize from now on, and it’ll increase going into commercial volumes in 2015. When we actually say and anticipated them, revenues over the term of the seven-year contract of $50 million, that’s actually allowed for ramp up in the first two years or so. So that’s an average, we see that as an average number for the term of the contract annually.

Danielle Antalffy – Leerink Swann

Perfect. Thank you so much.

Alan Shortall

Okay. You’re welcome. Thank you, Danielle.


Our next question comes from the line of Anthony Petrone with the Jefferies Group. Your line is open.

Anthony Petrone – Jefferies Group

Hi, thanks for taking my questions. I’ll begin, Alan, with the Precision-Therapy contract. I’m wondering if you could share actually the average selling prices on the pumps that are captured in the commercial revenue estimate you gave out in the release.

Alan Shortall

And I can’t speak to the specifics for that particular deal, but what I can do is I’ll give you a general to what I’ve spoken previously. Our bolus injectors will sell for a range between $15 and $50 each, and so they’re within than range. These are single-use disposable items.

Anthony Petrone – Jefferies Group

So the measurement based on the sort of the revenue estimates per drug you gave out that there’s some sort of discrepancy among volumes across the drugs that you’re in discussions with, so I don’t know if you can elaborate a little bit more in terms of volumes.

Alan Shortall

I can’t really, but there’s variations within each of the targeted molecules in terms of volume numbers, which will be a normal process, a normal requirement. We built that into our numbers to give – actually, I’m not saying, I believe in all cases, we’ve actually understated the numbers considerably. And we’ve taken into account that we’re expecting cumulative revenue over the initial term. I’d say initial term because that initial term will be seven years. But it would be highly likely that that would just continue to roll over going on from there. So, really, we see this being baked into the life cycle of the drug going forward.

With that $300 million cumulative, we believe it’s conservative, but when you start to multiply that by five or so drugs coming through, even three or four of them, it represents the potential billion dollar revenue just within the initial terms of the seven years and considerably more going out pass that.

Anthony Petrone – Jefferies Group

I’m wondering, just if you can provide an update on capacity, does the precision contract along with the autoimmune contracts earlier this year, does that trigger any changes to your capacity needs?

Alan Shortall

No, actually because these are high value devices in relation to the bolus injector. So the requirement in terms of manufacturing is not a large scale in terms of the size of the line and the space requirement within the theorem. We’re talking volume terms here of probably between 2 million, 3 million, 6 million, 7 million pair of molecule in that range. And so it doesn’t take a lot of infrastructure, a lot of space to actually produce these volumes.

Anthony Petrone – Jefferies Group

Great. And then a couple of last ones from me, and I’ll hop back in. The autoimmune contract, can you just provide an update there? Is stability testing completed, how you end the drug device approval process or whereabouts are you in that deal?

Alan Shortall

I can’t speak to the process – the specifics of the deal. The stability studies and other studies are ongoing, they’re in process and that deal is moving forward very well. And we are as in most cases (inaudible) with all the pharmaceutical companies that we’re dealing with in our commercial pipeline is we’re so attractive to them now because of the range of devices, each one of them is looking to expand. They’re not just dealing in most cases with just one device. And it’s like the same as the case with the pharmaceutical customer in relation to Unifill that you’ve mentioned.

Anthony Petrone – Jefferies Group

And so when I go back and we look at $50 million in potential annual revenue, I mean, do we see that sort of ramping into the second half of this fiscal year and perhaps into fiscal 2014, is that the right way to think about it?

Alan Shortall

We will see that – that would be employed until later in 2013, 2014.

Anthony Petrone – Jefferies Group

Great. And last one for me.

Alan Shortall

(Inaudible) bear in mind that that $50 million revenues we’re speaking off is for one pair – one geography.

Anthony Petrone – Jefferies Group


Alan Shortall

And there actually is 12 of geographies that’s up for a potential access to as well. And the reason why they are potential is because we’ve actually put milestones in terms of volumes to meet before they will become available to the pharma. But the pharma is particularly keen obviously in getting access to those 12. So once they start to get access to those other territories, that revenue projection will increase considerably.

Anthony Petrone – Jefferies Group

Great. And then the last one is if there’s any update on LOVENOX? Thanks very much for taking my questions.

Alan Shortall

Again, look, Anthony, I can’t speak to the specifics. LOVENOX is a drug that’s marketed by Sanofi. I would be in breach of contract of confidentiality for me to speak specifics to it. But I would say that our relationship with Sanofi is very good and is ongoing. And I think we’re well positioned with that relationship.

Anthony Petrone – Jefferies Group

Fair enough. Thanks.

Alan Shortall

Thank you, Anthony.


Thank you. (Operator Instructions) Our next question comes from the line of Keith Markey with Griffin Securities. Your line is open.

Keith Markey – Griffin Securities

Hi, Alan, thank you for taking my questions. Couple, I was wondering how soon should we expect to see the development agreements for the individual products announced or assigned with the customer that you just disclosed.

Alan Shortall

Keith, as I said in the announcement, we believe the development agreement will be this fiscal year and the pharma is moving at a very rapid pace, because you’ve got to remember the process whereby we’ve now been identified. It’s not so much even a financial issue; it’s about timing issue for this pharma because in relation to commercializing these drugs.

So it’s really important that there’s no hiccup in terms of any of the relationships that we put in place for commercialization particularly the injection, the bolus injection devices. So we are extremely well positioned. And this is has been – we’ve been actually selected after a significant evaluation by the pharma, so we believe that that development agreement will be sooner rather than later.

Now do you want to – I can’t expect here because we are targeting not on this deal, and I don’t want to talk about this specific deal, but I have said to you in your interview with me on video a couple of weeks ago, Keith, that we’re targeting operating margins north of 40%. So when you start to look at these numbers, and as I said continuously today, we’re conservative on these numbers that we put out here.

And you look at 40% operating margins blended in all our products in four, five years’ time, but the hidden fact is that you look at the potential $1 billion or more from this one announcement that we put out today, we’re actually in a similar – very totally similar position with at least probably five or six other pharmas that have similar requirements with an average of five or six – five or six therapies requirement for each of them. So, it will require you to do not by these numbers, we’re talking about this announcement for today, further five or six times where we’re confident that we’re moving through those processes with other pharmaceutical companies that are telling us that we’re way ahead of our competition.

Keith Markey – Griffin Securities

That’s great. And then you did mention that 2015 would be probably the first time that you would be booking some sales under a commercial supply agreement for the first drug. I was wondering would that be the first date of a commercial sale of the bolus injectors with this particular company, or is it possible that one of the other products in the pipeline that they have might actually move it earlier?

Alan Shortall

Well, actually, we anticipate that the supply agreement will be signed this fiscal year, as I said sooner rather than later. And so with any part that we’re supplying them ongoing from there for evaluations, et cetera, and they’ll build inventory – they’ll build inventory prior to achieve commercial launch of the first therapeutic. So with that supply agreement, we’ll cover supply of a number of device – that’s part of number of devices, which their revenue will be recognized between now and 2015. So we get (inaudible) in 2015 that will ramp up considerably higher than going forward.

Keith Markey – Griffin Securities

I see, thank you very much for explaining that. And then finally, I was just wondering, what are the characteristics of the bolus injectors that would vary the price from $15 to $50 a piece.

Alan Shortall

Well, it really depends on the sophistication requirement and whether it’s a Precision-Therapy from the same platform, which has to be more particular and there’s a lot of different features that can be added. So it’s really about the customization as to what the pharmaceutical company wants and how sophisticated they wanted to be. And I think that’s one of the commercial advantages that we have.

So, we started to develop a platform and we came with the basic platform that meets the very basic requirements that’s very competitive in terms of its performance and pricing, and then we can expand on that and add to it, rather than actually giving the pharma an over sophisticated device and charge them a significant amount of more costs per unit, and then really being just too sophisticated. So, we can customize the devices and build them up with features depending on the actual requirement by the pharmaceutical company.

Keith Markey – Griffin Securities

Okay. Great. Thank you, and congratulations on this business win.

Alan Shortall

Thank you very much. I appreciate it, Keith. But Keith, are you there still? I just want to clarify, frankly, I made a mistake when I said that we would have a supply agreement this fiscal year, I just want to clarify. I actually meant development agreement as per the announcement today.

Keith Markey – Griffin Securities

I understand. Thank you.

Alan Shortall

Thank you.


And I’m not showing any further questions at this time. I’d like to turn the call back to management for closing remarks.

Alan Shortall

Thank you very much, and I appreciate everyone’s time today and the questions. I’d like to actually if I can just to remind everybody before we end the call that we actually have our Annual General Meeting to be held on Thursday, November 29 at 4:00 PM U.S. Eastern Time at the Intercontinental Barclay Hotel in New York City. All shareholders and CBI holders are invited to attend but for those that cannot, the meeting will be broadcast in a listen-only webcast and can be accessed via the Unilife website.

Eligible shareholders should have already received a notice with instructions to access proxy material and vote via Internet. Regulations require a minimum of one-third of our outstanding shares of common stock, mostly presented either in person or represented by proxy for the meeting to be considered valid. So it’s really important that we gather a minimum of one-third of proxies a provided source. Therefore, the vote of every eligible Unilife shareholder is important, and we encourage you to do so.

Thank you, everyone. To those of you in the USA, I wish you a good evening; and for those in Australia, a good day. Thank you.


Ladies and gentlemen, thank you for participating in today’s conference. This does conclude the program, and you may all disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.


If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!