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Unigene Announces First Quarter 2013 Financial Results and Provides Corporate Update
Date:5/14/2013

BOONTON, N.J., May 14, 2013 /PRNewswire/ -- Unigene Laboratories, Inc. (PINK: UGNE) today announced financial results for the first quarter ended March 31, 2013 and provided a corporate update on the Company's financial status and strategic initiatives. 

Ashleigh Palmer, Unigene's Chief Executive Officer, commented, "2013 has been extremely challenging for Unigene.  The FDA advisory committee recommendation against calcitonin containing products, followed by an Article 9 sale of our Biotechnologies strategic business unit (SBU) assets to affiliates of Victory Park Capital (VPC), has had a materially negative impact on the Company."

Palmer continued, "Nevertheless, we continue to pursue the limited strategic options available to us.  In particular, we continue to try to monetize the therapeutic assets that remain within Unigene, in particular, our oral PTH program, and UGP281.  We also recently announced an equity transfer and exclusive license agreement with Nordic Bioscience and its affiliate, resulting in $1.0 million in proceeds that were used to pay down VPC debt.  VPC has since re-loaned $500,000 of these proceeds back to us.  Our mission going forward is to seek similar opportunities to infuse cash into the Company to maximize our lender and shareholder value."

"However, as previously stated, unless there is a near-term restructuring of the debt owed to VPC and the Company's founders, we will no longer have the ability to continue as a going concern.  Regardless of whether VPC and the Company's founders arrive at a settlement to resolve Unigene's debt situation, the $500,000 re-loaned by VPC following the Nordic transaction will only be sufficient to finance the Company through mid-June, 2013."

FIRST QUARTER 2013 FINANCIAL & OPERATIONAL SUMMARYUnigene generated net income of $1.98 million for the three months ended March 31, 2013 or $0.02 per share as compared to a net loss of $3.2 mil
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SOURCE Unigene Laboratories, Inc.
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