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Unigene and Nordic Bioscience Enter Equity Transfer and Exclusive License Agreement for Proprietary Metabolic Peptide Analogs
Date:5/9/2013

s that is superior to other development programs. Provided the toxicology studies advance as expected, our plan is to initiate the first clinical study early next year."

As part of the exclusive license agreement, Unigene will be entitled to double-digit royalties from the net sales of any of the licensed products that incorporate Unigene's oral formulation technology, and single-digit royalties from the net sales of such licensed products that do not. Unigene is also entitled to receive 25 percent of any license fees or milestone payments should Nordic sublicense any of the compounds.   

Pursuant to the terms of a forbearance agreement with Unigene's senior lenders, Victory Park Capital (VPC), the $1,000,000 in proceeds from the equity transfer transaction are required to be remitted to VPC to be applied to the outstanding senior secured notes. However, VPC has agreed to immediately re-loan $500,000 of the proceeds to help extend the Company's cash runway.  VPC has also indicated its willingness to re-loan the remaining proceeds if an agreement can be reached between VPC, Unigene and the Company's junior lenders, the Jaynjean Levy Family Limited Partnership, in regards to the possible conversion of Unigene's remaining debt into equity on terms that are acceptable to VPC.

Ashleigh Palmer , Unigene's Chief Executive Officer, stated, "Today's agreement with Nordic Bioscience is a significant breakthrough for Unigene, as it provides immediate capital to further extend our cash runway as we pursue strategic initiatives for the Company and our therapeutic pipeline, while assuring that the peptide analogs remain with an excellent team that is committed to their success.  We could not be more pleased given our current challenging corporate circumstances." 

Palmer continued, "That said, Unigene's ability to leverage this agreement to secure additional opportunities is very much contingent up
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SOURCE Unigene Laboratories, Inc.
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