"Safety syringe developer Unilife Medial Solutions is turning to investors to give it a $42.1m capital injection. The raising will comprise $31.1m placement to accredited investors in the US and selected investors in Australia as well as a SPP to retail investors at 85c. That is a 7.7% discount to VWAP of the stock in the 30 days prior to the announcement. Unilife tumbled 17.4% on the news on Wednesday – its worst one day fall in six years. It wants the extra cash to fast track the commercialisation of products including its ready-to-fill syringe; and its proposed relocation to the US and listing on the Nasdaq. US broker Griffin Securities has a “buy” recommendation on Unilife with a price target of $3.65 per share."
UNI Price at posting:
$1.02 Sentiment: LT Buy Disclosure: Held
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