Unilife: Big Potential, Bigger Risks
Mark Chapman • 20 Comments
Mark Chapman • 20 Comments
Fri, Jul. 15, 11:02 AM
Mon, Jun. 27, 12:51 PM
Fri, May 27, 12:45 PM
Tue, May 24, 12:50 PM
Tue, May 24, 11:00 AM
Mon, May 9, 12:51 PM
- Unilife (UNIS -28%) delays its fiscal Q3 earnings call, originally scheduled for this morning, due to the discovery of violations of company policies and procedures and possible violations of law and regulation by former CEO Alan Shortall, who resigned in March, and former Chairman Jim Bosnjak, who resigned in August 2015.
- No financial loss to the company has been discovered, but the investigation has just begun. The company expects to delay the filing of its 10-Q for the quarter ended March 31.
- The annual shareholders meeting will proceed as planned this afternoon at 4:00 pm ET.
Wed, Feb. 24, 9:21 AM
Mon, Feb. 22, 12:03 PM
- Micro cap Unilife (UNIS +14.3%) is up double normal volume in response to its announcement that it has entered into a strategic collaboration with Amgen (AMGN -1.3%) for injectable drug delivery systems centered on its portfolio of prefilled, customizable wearable injectors.
- Under the terms of the agreement, Unilife grants Amgen exclusive rights to its wearable injectors within select drug classes for use with certain Amgen drugs and non-exclusive rights to all Unilife delivery systems within oncology, inflammation, nephrology, cardiovascular and neuroscience. Previously granted rights to other Unilife customers are unaffected.
- Unilife is eligible to receive up to $75M, including an upfront license fee of $20M. It also sold Amgen a $30M senior secured convertible note. Amgen may buy up to an additional $25M in senior secured convertible notes over the next two years ($15M in 2017 and $10M in 2018). These amounts are in addition to the $15M it paid to Unilife in December 2015 in connection with the exclusivity letter.
- Unilife expects to earn additional revenues from Amgen from the development, production and supply of its delivery systems.
Tue, Feb. 9, 4:53 PM
- Unilife Corporation (NASDAQ:UNIS): FQ2 EPS of -$0.09 beats by $0.02.
- Revenue of $4.5M (-16.7% Y/Y) misses by $2.43M.
Mon, Feb. 8, 9:19 AM
Mon, Jan. 4, 10:36 AM
- Unilife (UNIS +66.3%) enters into an exclusivity agreement with Amgen (AMGN -2.8%) in effect through the end of the month during which they will negotiable a license deal for Unilife's wearable injector devices. In consideration of the exclusive period, Amgen has paid the company a non-refundable deposit of $15M.
- The license agreement provides for a perpetual, global non-exclusive license to Unilife's technology, know-how and IP for the development, manufacture and sale of wearable injector devices for use with certain large volume Amgen products. Amgen will also receive a perpetual worldwide exclusive license to Unilife's 1mL wearable injector for use with certain small volume drug products. It will pay Unilife an undisclosed price per device.
- Other items under negotiation are: a non-exclusive license to Unilife's other devices, an interest-bearing note to be satisfied through discounted pricing and/or credits against future amounts owed, the purchase by Amgen of up to 19.9% of Unilife's common stock, a preferred right of access to certain new delivery platforms and a manufacturing rights agreement.
Nov. 9, 2015, 9:16 AM
- Unilife Corporation (NASDAQ:UNIS): FQ1 EPS of -$0.21 misses by $0.06.
- Revenue of $3.19M (+131.2% Y/Y) misses by $0.78M.
Oct. 19, 2015, 12:43 PM
Oct. 16, 2015, 11:58 AM
- Unilife (UNIS -8.2%) closes an agreement for an additional $10M in debt financing from an affiliate of OrbiMed. In addition, further cost reduction measures were implemented this week including laying off an additional 20 employees (8% of workforce) and decreasing compensation to certain executive officers.
- Chairman & CEO Alan Shortfall, for example, has agreed to forego 100% of his base salary and the elimination of perquisites while other execs have agreed to a 50% reduction in base salary, all through December. No word is provided about what haircuts, if any, they have agreed to for 2016.
Sep. 15, 2015, 6:13 AM
- Unilife Corporation (UNIS -2.9%) FQ4 results: Revenues: $3.5M (-46.2%); R&D Expense: $17M (+42.9%); SG&A: $9.4M (+17.5%); Operating Loss: ($24.3M) (-68.8%); Net Loss: ($26.1M) (-70.6%); Loss Per Share: ($0.22) (-46.7%).
- FY2015 results: Revenues: $13.2M (-10.2%); R&D Expense: $52.5M (+54.0%); SG&A: $36.2M (+29.7%); Operating Loss: ($80.4M) (-56.4%); Net Loss: ($90.8M) (-56.8%); Loss Per Share: ($0.81) (-37.3%); Quick Assets: $12.3M (+46.4%).
- No guidance given.
Sep. 14, 2015, 5:38 PM
- Unilife (NASDAQ:UNIS) uses its FQ4 report to state it has cut its workforce by ~50 employees, or 17%. R&D and SG&A spend are respectively forecast to fall 25%-30% and 20% in FY16 (ends June '16) relative to FQ4 annualized run rates.
- Morgan Stanley has been hired to "conduct a review of strategic alternatives to maximize shareholder value." Potential outcomes are said to include a sale of the company, a strategic investment from one or more companies, or licensing deals.
- CEO Alan Shortall: "Cash receipts during fiscal 2016 are expected to remain lumpy due to the milestone-based nature of these existing programs, and the timing as to when additional upcoming agreements are formalized. While there is potential to receive upfront or exclusivity fees associated with some of these upcoming agreements, we expect that existing and future customization programs will continue to represent the majority of our cash receipts this fiscal year."
- UNIS -3% after hours to $1.28.
- FQ4 results, PR
Unilife Corp. designs, develops, manufactures and supplies injectable drug delivery systems. The company builds long-term collaborations with pharmaceutical and biotechnology companies seeking to utilize its innovative and differentiated devices to enable or enhance the clinical development,... More
Industry: Medical Instruments & Supplies
Country: United States