Unilife Corp (NASDAQ:UNIS) has announced the filing of its Form 10-K, annual report, for the FY2016. Highlights of the report include the completion of its internal investigation, the purchase of a $10 million senior secured convertible note by Amgen Inc and updates from restructuring efforts at the company. UNIS has also scheduled a conference call to discuss the annual results, on November 2, 2016, 4:30 p.m. ET.
The company had been investigating possible violation of its policies, as well as violations of regulations and law, by its former CEO and chairman, Alan Shortall and Jim Bosnjak, respectively. The majority of the investigation had been completed on July 28, 2016 and a form 8-K filed with the SEC. UNIS has now stated that it has not identified additional financial losses to the company, other than had already been stated in the 8-K.
Unilife also reaffirmed that it was continuing to make efforts to prioritize wearable injector programs, with some of its pharmaceutical customers, which include names like Sanofi, Amgen and MedImmune. The company further stated that this strategy would improve its operational efficiency and position the company to take advantage of commercial opportunities, within this market. The CEO of UNIS, John Ryan, claimed that his company had an industry leading portfolio, talented team of innovators and engineers, a strong customer base and focused leadership, to make the most of the market for wearable injectors.
The CEO also commented that with the investigations complete, the management could now fully focus executing their strategy. As part of its cost reduction measures, UNIS has significantly lowered its headcount, to just over 140 employees. The company had also shifted its focus towards program of key strategic customers, only. Added to this, Unilife had also obtained $10 million from Amgen, through a secured senior convertible note. UNIS claimed that this was an acceleration of the originally planned $15 million senior note, to be issued in January 2017.
Unilife Corp (NASDAQ:UNIS) moved up by 67.43% in terms of its share value, during the October 24 trading session, on a trade volume of 11.3 million, to close at $2.93 per share.
