Unilife Corporation
Unilife Signs $10 Million Equipment Financing Agreement
Monday 15 August 2011
Agreement Strengthens Cash Position, Accelerates Expansion of Device Portfolio
York, PA (August 15, 2011) - Unilife Corporation (“Unilife” or the “Company”) (NASDAQ: UNIS; ASX: UNS) today announced it has finalized a previously disclosed Equipment Financing Agreement (the “Agreement”) with Varilease Finance, Inc. for $10 million in available funding. This agreement will immediately replenish cash Unilife has previously invested to finance the automated assembly line now manufacturing the Unifill® ready-to-fill (prefilled) syringe at its manufacturing facility in
Mr.
“In addition to this new capital equipment financing relationship with Varilease, Unilife also has an extensive range of other near to mid-term revenue generating opportunities. We remain very confident in the continued supply and sale of the Unifill syringe to current and additional pharmaceutical customers. Several of these pharmaceutical companies have expressed interest in securing special access to the Unifill syringe and other pipeline devices within a designated therapeutic drug class that would result in the receipt of access or royalty fees.
“We also expect to receive revenues relating to the development and sale of other pipeline products that are scheduled for use in the clinical drug trials of our pharmaceutical customers over the coming year. Unilife remains right on schedule regarding the continued implementation of its strategic business plan to attain a position of global leadership within the fast-growing market for advanced drug delivery systems,” concluded Mr. Shortall.
Jacob Dinsdale, Vice President, of Varilease, said, “Having conducted our due diligence on Unilife and met with its management team, Varilease is delighted to join the Company as a financial partner. The Unifill syringe and its assembly systems represent an exciting commercial opportunity for Unilife. We look forward to supporting the continued business expansion of Unilife, and building a strong long-term relationship with them.”
About Varilease Finance, Inc
Established equipment-leasing financiers since 1987, the Varilease companies have financed more than $2 billion in assets worldwide. Monitor magazine’s annual report of the overall performance of the equipment-leasing industry ranked Varilease among the top 100 companies in the
About Unilife Corporation
Unilife Corporation (NASDAQ:UNIS / ASX: UNS) is a
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.
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