Unilife Corp. announced it
has received an investment infusion of $10 million from one of its current lenders.
OrbiMed, an investment firm
dedicated only to the health care sector, already has a debt financing
agreement in place with the York County-based company.
Unilife originally was
eligible to receive two $10 million investments in December 2014 and June 2015,
according to a news release. This is on top of the $40 million OrbiMed funded
in March. OrbiMed allowed the early investment to support Unilife’s expansion
and “growing customer demand,” according to the release.
OrbiMed supplied the first
$10 million on Oct. 1, and the second investment will be coming soon, according
to the release.
In exchange for the
accelerated funding, OrbiMed will receive higher royalty payments and other
economic concessions, though the company did not say to how much the royalty
would be increased. The original agreement called for a 2.75 percent maximum
royalty rate based on annual Unilife net sales.
No Unilife equity or warrants
were part of the original agreement or the amended one.
Unilife shares trade on the
NASDAQ under the ticker symbol UNIS.
Source: Central
Penn Business Journal
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