Medical device maker Unilife Medical Solutions Ltd has reported a 5,654 per cent increase in its full-year loss due to a drop in revenue and costs associated with the company's move to the United States.
Unilife posted a net loss of $US29.75 million ($A33.35 million) in the 12 months to June 30, 2010, up from a net loss of $US517,000 ($A579,600)
Revenue was $US11.4 million ($A12.78 million) in the year to June 30, 2010, down 43 per cent from $US19.98 million ($A22.4 million).
The increase in the net loss was attributable to both the decline in revenues as well as higher payroll and related expenses due to an increase in the workforce at the Lewisberry, Pennsylvania facility," the company said in a statement.
"The Company also incurred an increase in legal and consulting fees in connection with its redomiciliation to the United States."
Unilife redomiciled to the US in January 2010. The company listed on the NASDAQ stock exchange in February.
