Dallas, Texas 08/06/2014 (FINANCIALSTRENDS) – Unilife Corp (NASDAQ:UNIS) the developer of commercial grade injectable drug delivery hardware had implemented the ATM facility or the At-The-Market facility with the help of Cantor Fitzgerald. In a press release the company reported that, completion of the financial processes through block transactions. The total number of common stock shares sold were 5, 811, 8000, which netted UNIS total funds of $12.4 million. With the current process, the company can no more adopt the ATM process to raise further funds.
Investments To Absorb Raised Funds
Unilife Corp (NASDAQ:UNIS) CEO in a statement commented that the current round of fund raising will be utilized in not only righting the askewed balance sheet of his company but will also be invested in key strategies. This includes a one-time investment in the last quarter of 2014 when it would optimize production to meet the demands of the pharmaceutical clientele.
The CEO clarified that the investments would be ongoing in nature and would lead to developing a strong base in capital equipment. Some of the investments in Research and Development would be critical to the future of the company he noted. R&D in 2015 would be possible due to increase in customer payments which would be covered by two types – both the current programs as well as the future programs.
Additionally, Unilife Corp (NASDAQ:UNIS) is expected to strike through its current debt financing agreements such as the one it holds with OrbiMed. Shortall offered that there would be current cash on hand as well, to leverage further development and research work. Unilife’s current products such as the prefilled syringes, auto needle retraction, drug reconstitution delivery systems besides wearable injectors hold large market share in the US. The York, Pennsylvania-based manufacturer, supplier has a market cap of $251.86 million.