York, PA (March 16, 2011) Unilife Corporation ("Unilife" or the "Company") (NASDAQ: UNIS; ASX: UNS) today announced that its Chief Executive Officer, Alan Shortall, has made open market purchases of Company shares as CHESS depositary interests (CDIs) on the Australian Stock Exchange (ASX).
Mr. Shortall, who is the largest shareholder of Unilife, purchased a total of 632,713 CDIs at an average price of A$0.795 (US$0.80) per share, with an approximate value of A$503,000 (US$507,000). Each CDI represents an interest in one sixth of a share of the Company's common stock, and are freely traded on the ASX under the ticker symbol UNS. Mr. Shortall has also advised the Company that he expects to purchase additional shares from time to time during the next several months as Unilife commences the manufacture and supply of its Unifill prefilled syringes to pharmaceutical customers, and seeks to consolidate commercial relationships with a number of interested parties. Such purchases would be made by Mr. Shortall in accordance with Unilife's internal share trading policy regarding Officers and Directors. Mr. Shortall stated, "Unilife is now entering a new phase of its business expansion as we finalize preparations to manufacture and commence the supply of our Unifill prefilled syringes to pharmaceutical customers by the end of June 2011. Over the coming months, we will be seeking to formalize agreements with a number of interested parties regarding the Unifill syringe and some of our other exciting pipeline products. ?I am very pleased with the Company's recent progress, and our ability to continue to deliver upon our key business milestones. However, I do not believe that our current strong business position is adequately reflected in the valuation of Unilife's shares. Consequently, I have chosen to increase my personal investment in Unilife in an effort to take advantage of this valuation gap. Furthermore, as the opportunity arises, I expect to further accumulate shares in Unilife over the coming months."
UNS Price at posting:
76.0¢ Sentiment: LT Buy Disclosure: Held
