A Delaware judge this week ordered formal submissions from both Unilife (NSDQ:UNIS) and Insulet (NSDQ:PODD) as the companies fought over Unilife’s Chapter 11 sale, with Insulet claiming Unilife is selectively refusing to supply appropriate information and restricting it’s ability to participate. Insulet claims that Unilife has not provided it with enough data to make an informed bid […]
Unilife Corp.
Unilife wins approval for Chap 11 bankruptcy plans
Unilife (NSDQ:UNIS) this week won approval from the US Bankruptcy Court for the District of Delaware for its chapter 11 bid and plans for a sale, despite not having completed every step in the process. In the filing, Judge Laurie Silverstein noted that so far “no trustee, examiner or official committee of creditors holding unsecured claims” has […]
Bankrupt Unilife asks judge for $1m in bonuses for top execs
Unilife (NSDQ:UNIS), which filed for Chapter 11 bankruptcy earlier this month, reportedly asked a Delaware bankruptcy court yesterday to approve a “key employee retention plan” that would provide 4 top executives with nearly $1 million in bonuses, contingent upon a successful sale of the company. Unilife added it has already approved the plan with its debtor-in-possession lender. The […]
Unilife files for Chapter 11 bankruptcy
Unilife (NSDQ:UNIS) filed for Chapter 11 bankruptcy today, saying it hopes to support the company’s business operations with a $7 million debtor-in-possession financing facility and its remaining cash. The cash-strapped company owes more than $22 million to Sanofi, Kahle Automation, Morgan Stanley, Hikma Pharmaceuticals and MECO Inc., according to documents that Unilife filed in the U.S. Bankruptcy […]
Unilife: Ex-CEO Shortall’s shenanigans exposed ‘material weaknesses’
Shares in Unilife (NSDQ:UNIS) are off 7% this week after the company said its investigation into former CEO Alan Shortall turned up “material weaknesses” in its bookkeeping procedures that will require it to restate some of its financials. Shortall, who left the company in March along with COO Ramin Mojdeh, was elevated to chairman in 2013. In May, […]
Unilife & Amgen finalize $75m co-development deal
Unilife (NSDQ:UNIS) said today it finalized a $75 million collaborative deal with Amgen (NSDQ:AMGN) for injectable drug delivery systems, a deal the companies have been working out for the past month. The deal includes licensing, investment, development and supply agreements and is centered around Unilife’s prefilled customizable wearable injectors, according to an SEC filing from the York, […]
Unilife taps CEO Shortall for loan to forestall default
Unilife (NSDQ:UNIS) yesterday said it tapped chairman & CEO Alan Shortall for a loan so it could avoid defaulting on its $60 million debt with OrbiMed. Wayne, Pa.-based Unilife said it borrowed $600,000 from Shortall so it could maintain the $5 million cash balance required by the OrbiMed loan and still make a payment on the loan. […]
Unilife amends Novartis supply deal
Unilife (NSDQ:UNIS) said today it amended a clinical supply agreement with Novartis (NYSE:NVS) to supply it with additional batches of Unilife’s drug delivery device for use with a novel investigational drug. The agreement, originally signed in 2013 to supply them with the deliver devices for a targeted early-stage pipeline drug, was also amended to include an […]
Losses widening, Unilife pares workforce by 17%
Unilife (NSDQ:UNIS) yesterday said it plans to lay off about 50 workers, or roughly 17% of its workforce, after reporting wider losses for its fiscal 4th quarter and full-year 2015 and missing expectations on Wall Street. Saying it now has a lineup of products to cover its target markets, York, Pa.-based Unilife said it’s looking to […]
Unilife signs production deal with Flextronics
