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Unilife completes $10M stock, warrant sale

By , - Last modified: February 11, 2013 at 11:48 AM

York County-based Unilife Corp. has completed a $10 million sale of common stock and warrants through a direct public offering with a subsidiary of Crede Capital Group LLC, according to a news release.

The medical device maker sold units for a little more than $2.24 apiece that consisted of a share of common stock and a warrant to purchase a third of a share of the common stock, the release stated.

The price of each unit was about 4 cents higher than what the stock price closed at Friday, according to the release.

The company concluded that the timing of such a deal was favorable and in shareholders' best interests after being approached by Crede last week, the release stated.

Unilife will use proceeds for continued development and supply of its injectable drug delivery systems, to purchase and operate capital equipment for expanded production, for working capital and for other general corporate purposes, the release stated.

Shares of Unilife are traded in the United States on the Nasdaq under the ticker symbol UNIS.

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