November 2, 2016

Unilife Corporation Provides Business Update

YORK, Pa., Nov. 2, 2016 /PRNewswire/ -- As previously announced, Unilife Corporation ("Unilife" or "Company") (NASDAQ: UNIS; ASX: UNS) management is hosting a conference call to provide an operational and financial update today at 4:30 p.m. EDT (7:30 a.m. AEDT on Thursday, November 3, 2016).

John Ryan, Unilife's President and Chief Executive Officer, commented, "Our team is focused on customer requirements and program execution, as well as on continuing to innovate our industry-leading wearable injector technology. We are committed to running a more efficient operation and expect a significant decrease in our operating expenses in fiscal 2017."

Financial Results for the Fourth Quarter of 2016 and for Fiscal Year 2016

Revenue for the fourth quarter of fiscal 2016 and for fiscal year 2016 was $6.3 million and $14.8 million, respectively, compared to $3.5 million and $13.2 million, respectively, in the fourth quarter of fiscal 2015 and for fiscal year 2015.

Research and development (R&D) expense for the fourth quarter of fiscal 2016 and for fiscal year 2016 was $7.4 million and $43.2 million, respectively, compared to $17.0 million and $52.5 million in the respective prior periods. Selling, general, and administrative (SG&A) expense for the fourth quarter of fiscal 2016 and for fiscal year 2016 was $7.6 million and $43.2 million, compared to $9.4 million and $36.2 million, respectively, in the fourth quarter of fiscal 2015 and for fiscal year 2015. SG&A expense in fiscal year 2016 includes approximately $5.8 million of severance-related expense, of which approximately $3.6 million was share-based compensation, related to the departure of the Company's former Chief Executive Officer and former Chief Operating Officer, and $5.0 million of cost related to the strategic review process.

R&D expense for the fourth quarter of fiscal 2016 and for fiscal year 2016 included $0.6 million and $4.6 million of share based compensation expense, respectively, compared to $1.5 million and $3.7 million in the respective prior periods. SG&A expense for the fourth quarter of fiscal 2016 and for fiscal 2016 included $0.7 million and $9.3 million of share based compensation, respectively, compared to $2.4 million and $8.0 million in the respective prior periods.

The Company's net loss for the fourth quarter of fiscal 2016 and for fiscal 2016 was $7.7 million and $100.8 million, or $0.47 per share and $7.04 per share, respectively, compared to a net loss of $26.1 million and $90.8 million, or $2.16 per share and $8.10 per share, respectively, for the fourth quarter of fiscal 2015 and for fiscal 2015. The fiscal year 2016 net loss includes a primarily non-cash asset impairment charge of approximately $26.6 million related to certain of the Company's non-wearable injector equipment.

Unilife had $21.1 million in total cash and cash equivalents, including restricted cash of $2.4 million, as of June 30, 2016.

Conference Call Information

Management has scheduled a conference call for 4:30 p.m. EDT on Wednesday, November 2, 2016 (Thursday, November 3, 2016 at 7:30 a.m. AEDT) to review the Company's financial results and future outlook. The conference call will be broadcast over the Internet as a "live" listen-only webcast. An archive of the webcast will be available for 30 days after the call. To listen, go to: http://ir.unilife.com/events.cfm.

About Unilife Corporation
Unilife Corporation (NASDAQ:UNIS / ASX: UNS) is a U.S. based developer and commercial supplier of injectable drug delivery systems. Unilife has a portfolio of innovative, differentiated products with a primary focus on wearable injectors. Products within each platform are customizable to address specific customer, drug and patient requirements. Unilife's global headquarters and manufacturing facilities are located in York, PA.  For more information, visit www.unilife.com.

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, filed with the U.S. Securities and Exchange Commission ("SEC") on October 24, 2016 and those described from time to time in other reports which we file with the SEC. 

General: UNIS-G

Investor Contact (US):
Jeremy Feffer
Unilife Corporation
+1-717-384-3450
investors@unilife.com

Investor Contact (Australia):
Jeff Carter
Unilife Corporation
+61 2 8346 6500

UNILIFE CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets






June 30, 2016


June 30, 2015


(in thousands, except share data)

Assets




Current Assets:




Cash and cash equivalents

$                          18,702


$                          12,303

Restricted cash

2,400


2,400

Restricted cash - related party

-


2,264

Accounts receivable

374


1,530

Inventories

89


151

Prepaid expenses and other current assets

1,645


656

Total current assets

23,210


19,304

Property, plant and equipment, net

54,773


66,148

Goodwill

9,423


9,685

Other assets

255


276

Total assets

$                          87,661


$                          95,413

Liabilities and Stockholders' Deficit




Current Liabilities:




Accounts payable

$                            2,662


$                            4,042

Due to related party

-


2,264

Accrued expenses

13,710


5,074

Current portion of long-term debt

669


775

Deferred revenue

1,660


4,942

Total current liabilities

18,701


17,097

Long-term debt, less current portion

104,445


78,680

Warrant Liability

3,351


-

Derivative Liability

347


-

Deferred revenue

47,550


17,550

Total liabilities

174,394


113,327





Stockholders' Deficit:




Redeemable convertible preferred stock, Series A - subject to redemption, $0.01 par value, 790 and 0 shares authorized, 0 and 0 shares issued, and 0 and 0 shares outstanding as of June 30, 2016 and June 30, 2015, respectively

-


-

Preferred stock, $0.01 par value, 50,000,000 shares authorized as of June 30, 2016;
  none issued or outstanding  as of June 30, 2016 and June 30, 2015

-


-

Common stock, $0.01 par value, 350,000,000 shares authorized as of June 30, 2016;
  17,488,032 and 13,197,616 shares issued, and 17,411,651 and 13,194,749 shares
  outstanding as of June 30, 2016 and June 30, 2015, respectively

175


132

Additional paid-in-capital

398,862


366,005

Accumulated deficit

(485,363)


(384,580)

Accumulated other comprehensive income

380


669

Treasury stock, at cost, 76,381 and 2,867 shares as of June 30, 2016 and June 30, 2015, respectively

(787)


(140)

Total stockholders' deficit

(86,733)


(17,914)

Total liabilities and stockholders' deficit

$                          87,661


$                          95,413









 

 

UNILIFE CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations










Three Months Ended
June 30,
(unaudited)


Twelve Months Ended
June 30,


2016


2015


2016


2015


(in thousands, except per share data)

Revenue

6,333


$                 3,454


$               14,841


$              13,158

Operating expenses:








Research and development

7,400


16,989


43,191


52,487

Selling, general and administrative

7,575


9,413


43,196


36,176

Asset impairment charge

-


-


26,580


-

Depreciation and amortization

966


1,386


5,491


4,923

Total operating expenses

15,941


27,788


118,458


93,586

Operating loss

(9,608)


(24,334)


(103,617)


(80,428)

Interest expense

3,962


1,658


10,187


6,368

Change in fair value of financial instruments

(5,547)


326


(9,899)


4,279

Gain on extinguishment of debt

-


-


(2,881)


-

Other income, net

(306)


(223)


(241)


(226)

Net loss

$                 (7,717)


$             (26,095)


$           (100,783)


$             (90,849)

Net loss per share:








Basic and diluted net loss per share

$                   (0.47)


$                 (2.16)


$                 (7.04)


$                 (8.10)

















 

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SOURCE Unilife Corporation

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