Unilife (NSDQ:UNIS) yesterday said it tapped chairman & CEO Alan Shortall for a loan so it could avoid defaulting on its $60 million debt with OrbiMed.
Wayne, Pa.-based Unilife said it borrowed $600,000 from Shortall so it could maintain the $5 million cash balance required by the OrbiMed loan and still make a payment on the loan.
The investment fund also agreed to put up another $10 million in debt funding for Unilife, the company said.
Unilife, which slashed 17% from its workforce last month, said in early September that it’s exploring the proverbial “strategic alternatives.” Yesterday the company said it’s “received interest” from several parties.
UNIS shares, which were up 4.7% to $1.03 today in mid-morning trading today, are off -69.3% this year.