“In keeping with the board’s commitment to act in the best interests of all shareholders, we have determined at this time that it is prudent to explore strategic alternatives to determine the best opportunities for enhancing shareholder value. Unilife management will continue to operate the business as normal during this review process to serve the needs of existing and prospective pharmaceutical customers,” chairman & CEO Alan Shortall said in prepared remarks.
Unilife said the options include a sale, partnerships with strategic investors, licensing its technologies or nothing at all.
The York, Penn.-based company is riding a wave of recent good news. Last month a former employee who’d accused it of misleading investors withdrew a whistleblower lawsuit, apologized for ever filing it and agreed to pay an unspecified amount to settle a counter-claim.
In July Unilife said it launched a new insulin patch pump, theImperium, and unveiled a new financing strategy involving an equity purchase agreement for up to $45 million with Lincoln Park Capital Fund.
UNIS shares rose 27.4% to $1.49 apiece today in mid-day trading.