chairman's letter, page-16

Some general reading.

Griffin Report March 2011

Initial sales of Unifill syringes will begin at the
end of June, and a drug master file, which
enables clients to reference the device in their
own regulatory submissions, should reach the
FDA in the September quarter. Early shipments
of Unifill syringes will permit stability studies,
clinical trials, and market evaluations. In 2012,
we expect drug companies to build inventory in
anticipation of product launches in mid-2013.
With an innovative safety technology, well
conceived marketing plan, and a sound balance
sheet, Unilife merits a BUY recommendation
and a 12 month price target of $10.50 per share.

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Q1 ?11 Complete initial production of the Unifill prefilled syringe in the qualified clean rooms of
Unilife?s facility in York, PA.
Q2 ?11 Complete validation of the Unifill prefilled syringe and its production process, as required
by regulatory agencies.
Q2/Q3 ?11 Commence initial sales of validated Unifill syringes to sanofi-aventis and other
pharmaceutical companies.
H2 ?11 Sign agreements for the Unifill syringe and other pipeline products with pharmaceutical
and biotech companies.
2011 Secure regulatory approvals and expand sales of Unitract syringes via business
development partners in India, Taiwan, Japan, and China.
2011 Enter into collaboration discussions with pharmaceutical, healthcare and medical device
companies for pipeline products including the Unifill Select and Unitract Clinical Range
syringes, thereby setting the stage for investments in their production lines.