Unilife Corporation (UNIS) recently revealed one of its devices was chosen by a major world-wide pharma company for clinical trials in conjunction with a pipeline biologic drug for organ delivery. The clinical trial is expected to start sometime in the fourth quarter of 2011 or the subsequent quarter.
Based on an understanding with the pharma company, Unilife delivered its first batch of devices, in April 2011, for clinical evaluation. The terms of the understanding have not been disclosed yet. The company expects to shortly conclude the agreement for follow-on clinical supply to finally develop clinical devices and deliver them for upcoming clinical trials.
According to Unilife, targeted organ delivery is one of its key technology platforms. Its initial phase of agreement with this large pharma company heralds its growth in value-added segments of advanced drug delivery mechanisms.
Unilife believes that it can win such deals due to its successful commercialization of the Unifill syringe. It now plans to repeat the Unifill success story on a larger scale by developing a large portfolio of new pipeline devices. Each of these upcoming products holds the promise of revolutionizing the delivery of therapeutic drugs.
Unilife recently reported third quarter (ended March 31) fiscal 2011 results. The company missed both earnings and revenue estimates. Adjusted (excluding one-time expenses other than stock-based compensation) loss per share of 20 cents was higher than the Zacks Consensus Estimate as well as the year-ago loss per share. Revenue was a nominal $0.7 million in the quarter, down 70.8% year over year, and was also lower than the Zacks Consensus Estimate.
Unilife is a medical devices company that designs, manufactures and sells advanced drug delivery systems. It collaborates with biotech and pharma companies and searchesfor new devices that could be used with their drugs.
The company has developed a wide array of its own injectable drug delivery products, including retractable syringes. It sells its prefilled syringes to pharma manufacturers, suppliers of medical products to healthcare facilities and patients who self-administer prescription drugs. Unilife’s patented syringes provide integrated safety, which is designed to protect patients from needle stick injuries. The company competes with Becton, Dickinson and Company (BDX) among others.
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