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Unigene Reports Third Quarter 2011 Financial Results
Date:11/9/2011

istiansen via his Danish foundation.

Third Quarter 2011 Financial SummaryUnigene announced net loss of $0.08 per share for the three months ended September 30, 2011. Cash at September 30, 2011 was $5.2 million. The cash position at September 30, 2011 excludes approximately $1.5 million as yet to be completed and invoiced services for GSK under a Development Services and Clinical Supply Agreement signed in August 2011 and the $1.5 equity investment from Dr. Christiansen's Danish Foundation announced subsequent to quarter end.  Based on the Company's current projections, cash flow is expected to be sufficient to fund its business operations into the second half of 2012.  

Unigene Therapeutics OverviewUnigene is also focused on advancing its own pipeline of novel, proprietary peptide product candidates focused on metabolic disease and inflammation.

Oral PTH Program with GSKOn December 10, 2010, Unigene entered into an amended and restated exclusive worldwide license agreement with GSK to develop and commercialize an oral formulation of a recombinantly produced experimental PTH analog for the treatment of osteoporosis in postmenopausal women. Under the terms of the amended and restated agreement, Unigene is responsible for the conduct of the Phase 2 study. The Company received an upfront payment of $4 million to cover costs associated with the Phase 2 study as well as an additional $4 million milestone payment upon completion of patient enrollment.  Based on GSK's decision to move forward with the development of oral PTH, Unigene is entitled to receive approximately $140 million in additional payments based on the achievement of regulatory and commercialization milestones. In addition, Unigene is eligible to receive tiered double-digit royalties in the low-to-mid teens on global sales.

On August 8, 2011, Unigene announced it had entered into a Development Services and Clinical Supply Agreement with GSK. &#
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SOURCE Unigene Laboratories, Inc.
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