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03/08/16
14:01
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Originally posted by TDA
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I doubt OrbiMed will be lending any more money. I think the telling thing in the Business Update was the focus on wearables and nothing else, muliple comments on these and the business seems to be setting up around these only.
John Ryan's comment on becoming CEO:
"It is a privilege to have the opportunity to lead this Company, and I look forward to working with our Board and our employees to build on our leadership position in the wearable injector space and create value for our shareholder"
Then more throughout the update:
"Unilife will focus primarily on active and new customer programs in its portfolio of wearable injector systems. This primary focus on wearable injectors is expected to enhance operating efficiencies and better position the Company to take advantage of commercial opportunities within the fast-growing market for wearable injectors, where Unilife has industry leading technology and already has a strong customer base.
In addition to other previously announced wearable injector programs with Sanofi and MedImmune, the global biologics research and development arm of AstraZeneca, Unilife has commenced wearable injector development programs with Amgen under its previously announced strategic collaboration"
Mr. Ryan commented, “As most recently evidenced by our transformative strategic collaboration with Amgen, we have developed industry leading wearable injector technology and are working diligently to bring these products to market with our customers’ therapies. We continue to be encouraged by the positive support of our customers and industry partners. We believe we have the right pieces in place to deliver for our customers with financial discipline, rigor, and efficiency. We have positioned the Company to significantly reduce our cash burn rate going forward, which we expect will help us enhance shareholder value.”
One other telling factor that leads me to believe that it's all about the Wearables and nothing else is that they didn't mention Mike Ratigan once, or the Syringe business he leads. This leads me to think that the syringe/ocular/novel/reconstitution will be sold off and or licensed (maybe sold with ongoing license of tech?) so that the company can have enough working capital to make the Wearables a valid business through to commercial sales.
When looking at the amount of capital that would be needed to purchase and install 2x 180m unit Prefill lines alone, it makes sense. This could cost the company in the vicinity of $30m-$50m alone I'd think, then you would have the Ocular/Novel/Recon lines on top of all this, then add in Autoinjectors and Wearables.
So my thought is that they focus solely on Wearables, which isn't a bad thing for down the track. Time will tell...
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TDA,
You asked Unifollower this question back on 4/4/2016:
Q, Unifollower - are you saying that Flex are paying for production lines?
You followed it up with the following:
The reason I asked that Q was because I know the answer, many many other Q's too!
and:
Hey, what are they saying now? I've done my FA with current management and have talked to so many people in NY, even with the ousted recently!
Are you able to provide the answer that you knew, or what you were lead to believe, even if it is now no longer correct?
Can you give any insight you may, or may not have gained, in your opinion, into what current management, the many people in New York and the ousted may have indicated to you back then?
Only in your opinion of course