BOONTON, N.J., Dec. 19, 2011 /PRNewswire/ -- Unigene Laboratories, Inc. (OTCBB: UGNE) today highlighted its significant accomplishments in 2011 and announced that its management team has put key elements in place to begin addressing the capital structure and eliminating the inherited debt. Unigene also reaffirmed that the Company's projected cash flow is expected to fund operations into the second half of 2012, following a corporate reorganization to better strategically align the Company's resources and ensure sufficient cash runway to complete business priorities next year.
Ashleigh Palmer, President and CEO, stated, "Recent announcements regarding the failure of Novartis' oral calcitonin program using Emisphere's drug delivery technology and GSK's internal decision to withdraw from advanced oral PTH development should not detract from the highly successful execution of Unigene's turnaround strategy launched just 12 months ago. Throughout 2011, we have put key elements in place to begin addressing the substantial debt we inherited from the Company's founding management. We have taken a strategically vulnerable company with a binary outcome that was exclusively dependent on calcitonin and fundamentally diversified and transformed it into an industry leading peptide development partner of choice. When I took on this assignment less than 18 months ago, Unigene was at imminent risk of insolvency. We have extended our cash runway into the second half of 2012, without raising a single dollar through discounted financing or taking on additional debt. This management team has refused to be distracted by factors outside of its control and instead focused on rescuing and protecting the Company by addressing business fundamentals and executing on our promises. We believe we are now well positioned to move forward and continue to offer our investors the prospect of multiple near-term opportunities by which we can restructure our
|SOURCE Tiberend Strategic Advisors, Inc.|
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