Unilife debuts 1st insulin patch pump, financing plans, prelim earnings

Unilife (NSDQ:UNIS) released a slew of announcements yesterday, saying it launched a new insulin patch pump, a new financing strategy and released preliminary fiscal Q4 earnings.

The York, Penn.-based company said it launched the Imperium instant insulin patch pump, which it claims is the world’s 1st instant patch pump.

The Imperium is a pre-filled insulin pump that can be worn multiple days at a time, providing continuous subcutaneous insulin infusion, the company said. The device has wireless connectivity that can interface with smartphone apps as well as supply healthcare providers with real-time or historic data on insulin use.

“Imperium combines the therapeutic advantages of a pump with the low cost and convenience of a pre-filled, disposable pen. By addressing specific unmet market needs and creating value for all diabetes stakeholders, it is set to empower millions of insulin-dependent patients to achieve and maintain glycemic control.” CEO Alan Shortall said in a press release.

Unilife announced it implemented a multi-faceted financing strategy, signing an equity purchase agreement for up to $45 million with Lincoln Park Capital Fund. The deal will provide Unilife with $5 million in initial net proceeds and the option to generate up to $40 million more in net proceeds over 2 years.

Unilife said it also implemented a $25 million at-the-market facility with Cantor Fitzgerald, to be used at the company’s discretion.

“The combination of the Lincoln Park Capital and Cantor Fitzgerald facilities provide us with financing flexibility and control, as we retain complete discretion as to whether and when we draw down under the facilities. This multifaceted strategy allows us to prudently support the financing of our business as we seek to increase customer cash receipts and advance additional customer relationships,” CFO David Hastings said in prepared remarks.

Unilife also issued its preliminary estimates for the fiscal year ended June 30, reporting estimated cash receipts of $22.7 million and revenues of $13.2 million. The company said it had about $14.7 million in cash and equivalents at the end of its fiscal year.

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