Unilife Corporation (UNIS) recently hosted Kathleen Merrigan, Deputy Secretary of the U.S. Department of Agriculture (“USDA”), for a White House Business Council (“WHBC”) meeting with local business chiefs at its plant in York, Pennsylvania.
The White House set up the WHBC under the leadership of President Obama. The WHBC is currently holding “The Winning the Future Roundtables” with American Business tour, which permits the Obama Administration to directly communicate with the captains of industry. U.S. business leaders are able to voice their opinion on matters such as how to promote economic growth, place Americans in jobs and create a better future.
The WHBC discussion, promoted by Unilife, is among the initial encounters among a series of roundtable meetings. It is estimated that over 100 Council roundtables will be organized by the Administration in the 50 states.
In October 2010, USDA decided to guarantee $10 million out of the $18 million mortgage that Unilife received to facilitate construction of its new worldwide headquarters and plant at York, Pennsylvania.
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 searches for 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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