legal issues, page-25

Unilife has always had a air of "fake it before you make it".

They have been pretty good at keeping interest and the required funding in hand and on long enough timelines they have hit the needed milestones. The Sanofi IA, the recent Sanofi supply agreement being the two critical ones.

IMO they claim any phone call as advanced discussions with pharmas as a throw away comment.I feel comfortable criticising UNS on is their assertion that demand has customers beating down the door. The time lines we are seeing simply dont support such a statement. When pharma wants something to happen it happens very quick. When there is a clear cut business case that results in increase profits it happens very quickly.

When its a desire of a business that may not be supported by economics or a regulatory requirements then when the ducks line up it will happen. And in those cases many factors can dictate the change in tact. Hello patches for drug delivery. Needle free auto injectors or clinical trials being dropped. Those influences can hurt UNS as quickly as they can help. Its a fickle game.

But for me, I read those claims about UNS behavior about trying to control the markets impression of the business and it rings true for me. Its my impression UNS play it pretty loose with their language knowing that they can fall back on the forward looking statements cover.

Look at what AS did in May after yelling to the world we are now leaders in prefilled syringes, hyper growth, new high speed lines to only a few days later say "...its only a deal when its a signed deal ...dont quote me on what I said last week""