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Unilife Corporation (UNIS)
F3Q11 Earnings Conference Call
May 16, 2011, 4:30 PM ET
Todd Fromer, Investor Relations
Alan Shortall, Chief Executive Officer
Richard Wieland, Executive Vice President and Chief Financial Officer
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Before we begin today, I would like everyone to know that this conference call contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to our management. Our management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Item 1A Risk Factors and elsewhere in our Annual Report on Form 10-K and those described from time-to-time in other reports which we file with the Securities and Exchange Commission.
With nothing further, I would now like to turn the call over to Mr. Alan Shortall, Chief Executive Officer of Unilife Corporation. Alan, the floor is yours.
Thank you, Todd. Good day, everyone, and thank you for joining us for our fiscal 2011 third quarter conference call. Joining me on today’s call is our CFO, Richard Wieland.
The third quarter of fiscal 2011 marked a significant period for Unilife, as we initiated production of the Unifill® syringe. With this major milestone now completed, we are conducting final product validation procedures and expect to begin initial sales of the Unifill syringe to pharmaceutical companies in July 2011. There has been an exceptional response to-date from a host of the world’s top pharmaceutical and biotechnology companies for the Unifill syringe. We are very happy with the status of current discussions, and look forward to entering into agreements with a number of interested pharmaceutical companies over the coming months.
The Unifill syringe has been a great door opener to the top executives and decision makers at these pharmaceutical companies. A key reason for this is that before we came along, virtually everyone believed that integrating safety features into the primary drug container of a prefilled syringe was an impossible task.
Having now achieved the impossible with the commercialization of the Unifill syringe, Unilife has established the credibility and proven expertise to serve as a device innovation partner for pharmaceutical companies in other fast-growing and high-value sectors of the drug delivery device market.
Increasingly, top pharmaceutical companies are seeking access to highly innovative devices, such as Unifill, that can be customized to meet the specific needs of target biological drugs in their R&D pipeline. These companies are now seeking to work with us to develop additional device solutions that can satisfy their unmet drug delivery requirements.
It is expected that these pharmaceutical collaborations can replicate the success of the Unifill syringe on multiple fronts, and significantly expand the size and scope of Unilife as a global leader for device innovation.
It has taken a lot of hard work and perseverance to arrive at this position. In particular, it was imperative that the industrialization program for the Unifill syringe was completed ahead of schedule. To ensure Unilife was able to hit every single quarterly milestone since the program began in 2008, we initiated a surge in our staff and operational capabilities. As a result of this upfront investment, we have now arrived at the point where we can serve as a preferred and reliable supplier to pharmaceutical customers.
With the industrialization program now all but complete, we have been able to implement a timely realignment of our business. This realignment was designed to not only maximize commercial opportunities for the Unifill syringe, but also fast-track the commercialization of other innovative devices in our pipeline. As an additional side benefit, the realignment is expected to drive additional efficiencies in our business that should reduce our cash burn by approximately $12 million for the calendar year 2011 alone.
Finally, I am also pleased to announce that we have signed a term sheet with an equipment financing company to provide up to $12.0 million in financing for the initial assembly line for the Unifill syringe that is installed at our York facility. We expect to close this transaction by the end of May, allowing us to recoup $8.0 million in cash currently invested in this equipment. In combination with the savings from our recent realignment plan, we believe we now have sufficient cash to carry us through until at least the end of fiscal 2012.
I would now like to turn the call over to Rich to discuss our financial results for the quarter ended March 31, 2011….Rich…
As reported in our press release earlier today, our financial results for the third quarter of fiscal 2011 include revenues of $0.7 million compared to $2.4 million for the third quarter of fiscal 2010.