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Unilife Corporation Announces Financial Results For Fiscal Year 2011 Second Quarter
Date:2/14/2011

f the world's leading pharmaceutical companies for our Unifill ready-to-fill syringe, as well as some of our pipeline products.  

"In an effort to support the growth of Unilife into a commercial manufacturing business, we recently appointed Dr. Ramin Mojdeh as Unilife's Chief Operating Officer. Dr. Mojdeh has tremendous executive leadership qualities and strong product development expertise with global medical device industry leaders such as BD and Guidant Corporation.

"During the second quarter of fiscal 2011, we also strengthened our balance sheet by raising a total of A$35.9 million (US$35.3 million) through a private placement and our 2010 Share Purchase Plan. The proceeds raised will be used to support general operations as we continue to focus on commencing the initial production and sale of the Unifill® syringe, expanding our network of pharmaceutical customers, and bringing to market exciting new products from our pipeline," concluded Mr. Shortall.

Financial Results for Three and Six Months Ended December 31, 2010 Revenues for the three months ended December 31, 2010 were $1.8 million compared to $3.2 million for the same period in 2009.

The Company's net loss for the three months ended December 31, 2010 was $(10.4) million, or $(0.19) per diluted share, compared to a net loss of $(5.9) million, or $(0.13) per diluted share, for the same period in 2009. The increase in net loss was attributable to a decrease in industrialization fee revenue as well as increased research and development expenses to finalize the product specifications of our Unifill syringe. In addition selling, general and administrative expenses increased due to higher share-based compensation expenses and higher payroll and related expenses due to increases in our workforce offset by a decrease in legal and consulting fees due to significant costs incurred in the prior year quarter in connection with our redomiciliation to the U.S.  

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