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Unilife Corp (UNSta.AX)

UNSta.AX on Australia Stock Exchange

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19 Jan 2017
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Latest Key Developments (Source: Significant Developments)

Unilife files for Chapter 11 protection
Wednesday, 12 Apr 2017 09:17am EDT 

Unilife Corp : Unilife files for chapter 11 protection . Company has obtained a commitment for a $7 million debtor-in-possession financing facility . Unilife's operations will remain ongoing during chapter 11 process . Says SSG Capital Advisors LLC is company's restructuring advisor . DIP financing, cash from operations, expected to provide sufficient liquidity during chapter 11 cases to support continuing business operations . Foreign affiliates in Australia are not included in chapter 11 bankruptcy filing but are expected to be included in restructuring or sale . Filed voluntary petitions under chapter 11 of U.S. Bankruptcy Code in United States Bankruptcy Court for District of Delaware . Co has determined to simultaneously pursue both balance sheet restructuring of its debt, equity and a going concern sale of its assets .Filed a number of "first-day" motions with court designed to facilitate a smooth transition into chapter 11.  Full Article

Unilife exploring bridge financing alternatives to fund ops on ongoing basis - SEC filing
Tuesday, 4 Apr 2017 05:05pm EDT 

Unilife Corp : Existing cash as of March 31 will not provide sufficient liquidity to fund operations past week ending April 7 without co falling below requirements of debt facilities . As of March 31, 2017, company's unaudited cash balance was approximately $6.3 million, including $2.4 million of restricted cash . Terminated employment of an aggregate of 51 employees at its York, Pennsylvania, and King of Prussia, Pennsylvania locations . Company expects to record a charge related to terminated employees of approximately $0.6 million in connection with notice . Company does not expect a material difference between cash impact and charge to be recorded . Because to date co has not obtained financing commitment to fund operations on ongoing basis, co is exploring bridge financing alternatives . Bridge financing, if obtained, may be in form of DIP financing related to proceeding concerning co under chapter 11 of U.S. Bankruptcy Code . Received notice from a key customer for wearable injectors that customer is putting program with co on hold for reasons unrelated to co's products . On April 4, issued notice to employees if co is unsuccessful in obtaining financing, will be forced to permanently close its facilities in Pennsylvania.  Full Article

Unilife says investigation identifies no material financial loss
Monday, 14 Nov 2016 07:05am EST 

Unilife Corp : Unilife - on May 8, co announced investigation into violations of policies, procedures, possible violations of laws, regulations by former CEO Alan Shortall . Unilife - board established a special committee to oversee the investigation . Unilife - has engaged a financial advisory firm to assist with fundraising efforts . Unilife - independent counsel conducted the investigation with the assistance of an advisory firm with forensic accounting expertise . Unilife - the investigation was completed on October 7, 2016 and no material financial loss was identified . Unilife - expects to generate cash receipts from wearable injector customers during fiscal year 2017 .Unilife - company continues to have business development discussions with current and prospective wearable injector customers.  Full Article

Unilife will not be able to file audited financial statements with Australian Securities Exchange by ASX deadline
Thursday, 29 Sep 2016 05:20pm EDT 

Unilife Corp : Will not be able to file audited financial statements with Australian Securities Exchange by ASX deadline - SEC filing .Says Nasdaq informed company that at this time it does not intend to halt trading of company's common stock on Nasdaq.  Full Article

Unilife reached a preliminary estimate that it expects to record non-cash charge
Thursday, 29 Sep 2016 05:20pm EDT 

Unilife Corp : Expects to record a non-cash charge in company's q3 ended march 31, 2016 - sec filing . Does not believe that there has been any impairment to goodwill as a result of circumstances that caused impairment . Reached a reliminary estimate that it expects to record non-cash charge totaling about $26 million for impairment of certain long-lived assets .Unilife corp says also expects to incur charges that could impact cash related to certain supplier contract terminations.  Full Article

Unilife Corp makes interim CEO permanent
Thursday, 28 Jul 2016 08:05am EDT 

Unilife Corp : Updates on investigation on may 8 into violations of policies, possible violations of law company's former ceo and chairman . Management has commenced a remediation process with assistance of a third party internal audit provider . Company no longer has any business relationship with Shortall or Bosnjak . Shortall,Bosnjak in 2015, without knowledge of co, gave to broker correspondence containing inaccurate statements about co's financial support . Says company’s board of directors established a special committee to oversee the investigation - sec filing . Management continues to evaluate nature and extent of "material internal control weaknesses" . "investigation is substantially complete" . Says "shortall deposited $2.2 million of his own funds into the company’s bank account on june 29, 2015" . Says shortall caused the company to disburse from 2.2 million fund, $1.4 million to third-parties . To amend form 10-k fiscal 2015 consolidated financial statements to correct immaterial errors identified as a result of investigation . Says reciept of $2.26 million fund was not reflected in the company’s relevant financial statements or related party disclosures .To amend form 10-k for fiscal year ended june 30, 2015 specifically to record related party restricted cash balance of $2.3 million.  Full Article

Unilife says John Ryan named CEO
Thursday, 28 Jul 2016 07:30am EDT 

Unilife Corp : Says John Ryan has been named president and chief executive officer . Says Ian Hanson has been named senior vice president and chief operating officer .Says David Hastings, who has served as chief financial officer since 2015, will also assume role of chief accounting officer.  Full Article

Unilife files for non-timely 10-Q
Wednesday, 11 May 2016 06:19pm EDT 

Unilife Corp : Files for non-timely 10-q - sec filing . Current management team discovered violations of co's policies,procedures,possible violations of law®ulation by former ceo&former chairman . Investigating former ceo, chairman violations, potential impact on financial reporting and internal controls over financial reporting .Investigation has just commenced due to recent discovery by current management but has not to date discovered any financial loss to co.  Full Article

Unilife says will effect a reverse stock split on May 13
Tuesday, 10 May 2016 06:20am EDT 

Unilife Corp : On may 9, 2016, following 2016 special meeting, the board determined to effect the reverse stock split on friday, may 13, 2016 . Reverse stock split at a ratio of one share of common stock for every ten shares of common stock outstanding .Number of shares outstanding will be reduced from about 169.4 million to about 17 million concurrent with effectiveness of reverse stock split.  Full Article

Unilife Corp and Amgen enter strategic collaboration for injectable drug delivery systems
Monday, 22 Feb 2016 08:53am EST 

Unilife Corp:Says strategic collaboration with Amgen for injectable drug delivery systems.Collaboration, which includes licensing, investment, development and supply agreement components, is centered upon the use of Unilife's portfolio of prefilled, customizable wearable injectors for medicines to enhance the patient experience.  Full Article

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