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Unilife Corporation (UNIS)
F1Q13 Earnings Call
November 8, 2012 4:30 PM ET
Todd Fromer – IR
Alan Shortall – CEO
Rich Wieland – EVP and CFO
Danielle Antalffy – Leerink Swann
Anthony Petrone – Jefferies Group
Keith Markey – Griffin Securities
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(Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s conference, Mr. Todd Fromer, Investor Relations representative.
Good afternoon, everyone, and good morning to our Australian supporters. Thank you for joining us for the Unilife Corporation fiscal 2013 first quarter conference call. Before we begin today, I would like to remind everyone that this conference call contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate to occur in the future are forward-looking statements. These forward-looking statements are based on management’s beliefs and assumptions and not on information currently available to management.
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 to add, I would like to now turn the call over to Mr. Alan Shortall, Chief Executive Officer of Unilife Corporation. Alan, the floor is yours.
Good afternoon, and good morning to our shareholders in Australia that have joined us today. I would like to start the call by reasserting that all fundamental areas of our business remain fully on track. Our commercial pipeline continues to strengthen in both size and scope.
The news we had earlier today regarding our Precision-Therapy platform, our bolus injectors being targeted by a major global pharmaceutical company as their preferred choice for the long duration subcutaneous delivery of more than five pipeline drugs is a wonderful example of this.
I will talk more about this field later on, on the call. The associations with many pharmaceutical companies are now at an advanced stage. We are looking forward with confidence to generate an attractive incremental and long-term revenue stream. Indeed, I expect shareholders will be pleased with our flow of agreements through the rest of fiscal year 2013 and beyond. (Inaudible) has been more disappoint in this quarter, it is the misunderstanding amongst certain media and investors about our entering into an At-the-Market facility with Cantor Fitzgerald. This is called recent stock fluctuations that in my opinion are completely unjustified.
I want to state clearly that we have not drawn down this facility nor do we have any immediate plans to do so. Should we choose the drawdown on the ATM at some stage in the future and any shares issued would be based on the market price of the stock on that day. If we do elect to issue any new stock, we are obliged to follow Australian laws requiring us to file a form B within days. So everyone will know very quickly if we elect to draw down on the ATM.
The main reason that we put the ATM in place, that was to strengthen our position at the negotiation table as we look forward to finalizing a number of substantial agreements with major pharmaceutical companies. And as you can see from today’s earlier announcement, things are going exactly to plan, and the process is working well for us.
Our clear focus remains firmly on building shareholder value. Now there are two key ways in which we are doing this. First, we are in the process of securing a series of long-term profitable relationships with our pharmaceutical customers. And second, we are investing heavily in R&D because you can’t deliver on the first without a clear and ongoing commitment to the second.
I want to emphasize how vital R&D is to Unilife. Indeed I believe it is the key to our success. Our investment in R&D makes us extremely attractive to our pharmaceutical customers and gives us a clear strategic advantage over our competitors. We invest in R&D in several ways. We are customizing our existing device platforms to address specific customer drug or patient need.
We are also improving our manufacturing efficiencies to increase our growth operating margins even further, and we are developing additional new groundbreaking device technologies. Every new device or platform that we develop has been driven by an unmet or emerging market need for one of our new or perspective customers. So in essence, every one of our products has a customer lined up beside it from day one.