Unilife announces MedImmune contract; terms not disclosed
York-based Unilife Corp., which has been posting annually increasing financial losses and recently became the subject of a federal securities fraud class action lawsuit, this morning announced an agreement with MedImmune.
Under the agreement, Unilife will supply MedImmune with customized devices from its platform of ReadyToGo wearable injectors. Several drug candidates from MedImmune's portfolio may be selected for use with Unilife's wearable injectors under the agreement.
According to a news release, Unilife will generate revenue starting in the first quarter of fiscal 2014 on the basis of the customization and supply of its products to MedImmune. Additional terms of the contract have not been disclosed, but the release also said the wearable injection category is expected to generate device sales in excess of $3 billion within five to seven years.
According to its 2013 annual report, Unilife's revenues for the fiscal year ending June 30 were approximately $2.6 million, with net losses of nearly $63.2 million. Its quarterly earnings report is due later today.
"This is the dawn of a new era for injectable drug delivery where a very sophisticated new class of wearable, disposable devices will allow patients to deliver the most advanced therapies with maximum comfort and convenience," said Alan Shortall, chief executive of Unilife. "We are pleased that MedImmune selected Unilife's technology after conducting a thorough evaluation process to identify simple and convenient wearable injectors that can be used to administer an injectable therapy wherever the patient is."