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- Unigene Secures Financing to Extend Operating Runway in Conjunction with Strategic Reorganization -
Date:4/8/2013

unfortunate, but necessary part of our path forward in continuing to explore and develop strategic options to protect and enhance shareholder value.  On behalf of Unigene's Management and our Board of Directors, we thank our many dedicated colleagues and employees whose efforts have been instrumental to the success of our Fortical® business throughout the years."

Unigene also announced today that it has been notified by VPC that VPC has declared an event of default under certain loan documents, including approximately $55.8 million in notes issued to VPC by Unigene.  VPC has further declared these notes (including principal and interest) due and payable. The declaration of default is based on, among other things, VPC's determination that a material default has occurred under various provisions of the loan documents.  In connection with the existence and continuation of the default, VPC has notified Unigene that, pursuant to Article 9 of the Uniform Commercial Code (UCC), VPC has initiated a public disposition of certain of Unigene's assets that constitute VPC's collateral, including the Company's Peptelligence™ Drug Delivery Platform and all other assets that are used or intended for use in connection with, or that are necessary or advisable to the continued conduct of, Unigene's biotechnology business (but excluding assets of the Company unrelated to such business).  Such assets will be sold pursuant to public auction to be held at the offices of Katten Muchin Rosenman LLP, 525 West Monroe Street, Chicago, Illinois 60611 on April 15, 2013 at 11:00 a.m. Central time.

About Unigene Laboratories, Inc.
Unigene Laboratories, Inc. is a leader in the design, delivery, manufacture and development of peptide-based therapeutics. The Company is building a robust portfolio of proprietary partnerships in this expanding drug class based on its Peptelligence™ platform.  Peptellig
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SOURCE Unigene Laboratories, Inc.
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