YORK, Pa., Aug. 17, 2011 /PRNewswire/ -- Unilife Corporation ("Unilife" or the "Company") (NASDAQ: UNIS; ASX: UNS) today announced that its Chief Executive Officer, Alan Shortall, intends to purchase U.S. $500,000 in shares of the Company's common stock over the next week. Mr. Shortall intends to begin purchasing these shares this week at market prices forty-eight hours after the issuance of this release in the U.S.
Furthermore, Mr. Shortall has advised the Board of Directors of Unilife that he intends to purchase up to an additional U.S. $500,000 of the Company's common stock between now and September 30, 2011. Mr. Shortall intends to provide twenty-four hours advance notice to U.S. markets before purchasing these additional Unilife shares.
These intended purchases by Mr. Shortall of up to U.S. $1 million in Unilife common stock, and the timing at which they occur, will be subject to restrictions set forth in the Company's insider trading policy and will be effected in compliance with applicable U.S. and Australian securities laws.
Mr. Shortall is the largest shareholder in Unilife. These upcoming purchases by Mr. Shortall follow his most recent open market purchases of more than U.S. $500,000 in Unilife shares, which were completed in mid-March 2011 at an average price equivalent to U.S. $4.80 per share of common stock.
Mr. Shortall stated, "I believe that this is an excellent time to purchase shares in Unilife, and to further align my own personal interests to that of my fellow shareholders. In my opinion, Unilife has never had a brighter business future than what we see today. We remain on track with our strategic plan to become a global leader in advanced drug delivery systems. As such, I intend to increase my personal investment in the Company.
"Recent business achievements, and the associated momentum behind them, have in my opinion quickly enhanced the attributes of Unilife's valuation. However I personally believe the Company's stock price has not yet reflected this position and the expanded scope of Unilife's business opportunities," Mr. Shortall concluded.
Unilife has recently begun to commence initial sales of the Unifill syringe, the world's first and only prefilled syringe with integrated safety features. The Company remains confident in the continued supply and sale of the Unifill syringe to current and additional pharmaceutical customers.
As previously disclosed, Unilife is also accelerating discussions with several leading pharmaceutical and biotechnology companies regarding other pipeline devices within its expanding portfolio of advanced drug delivery systems. Unilife is currently pursuing a number of prospects regarding the supply of some of its pipeline products to pharmaceutical customers for use in clinical drug trials that are scheduled to occur over the coming year. Based upon the scope of discussions to-date with these pharmaceutical companies, it is expected that Unilife will enter into one or more agreements that will include development fees and high-value product sales.
On July 29, 2011, Unilife filed a Form 8-K with the U.S. Securities and Exchange Commission attaching the consolidated statement of cash flows for the quarter and year ended June 30, 2011 that the Company submitted under ASX listing rules. This and additional information is available on the Company's website at www.unilife.com.
About Unilife Corporation
Unilife Corporation (NASDAQ: UNIS / ASX: UNS) is a U.S.-based developer, manufacturer and supplier of advanced drug delivery systems with state-of-the-art facilities in Pennsylvania. Established in 2002, Unilife works with pharmaceutical and biotechnology companies seeking innovative devices for use with their parenteral drugs and vaccines. Unilife has developed a broad, differentiated proprietary portfolio of its own injectable drug delivery products, including the Unifill® and Unitract® product lines of safety syringes with automatic, operator controlled needle retraction. Unifill represents the world's first prefilled
syringe technology integrating safety within the primary drug container. The products are ideally positioned to help pharmaceutical companies maximize the lifecycle of their injectable drugs and enhance patient care. Unifill syringes, together with other devices that are part of the Unilife technology platform, can either be supplied to pharmaceutical customers ready for use, or customized to address the specific requirements of targeted novel drugs. For more information on Unilife, please visit www.unilife.com
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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SOURCE Unilife Corporation