BOONTON, N.J.--(BUSINESS WIRE)--May. 29, 2009--
Unigene Laboratories, Inc. (OTCBB: UGNE, http:// www.unigene.com)
has drawn down the remaining $5,000,000 under its existing financing
agreement with Victory Park Management, LLC. In connection with this
closing, 375,000 shares of Unigene common stock were issued to Victory
Park. Details of the transaction, which closed on May 22, 2009, can be
found in the Form 8-K filed by the Company today.
“We believe that this is an opportune time to draw down the remaining
$5,000,000 from Victory Park as we continue to advance our internal
programs, including finalizing preparations for our Phase III oral
calcitonin clinical trial and negotiations to engage a partner to assume
financial responsibility for the program,” commented Dr. Warren P. Levy,
President and CEO of Unigene. “We are grateful for the continuing
support of our largest stockholder.”
About Unigene
Unigene Laboratories, Inc. is a biopharmaceutical company
focusing on the oral and nasal delivery of large-market peptide drugs.
Due to the size of the worldwide osteoporosis market, Unigene is
targeting its initial efforts on developing calcitonin and PTH-based
therapies. Fortical®, Unigene's nasal calcitonin product for
the treatment of postmenopausal osteoporosis, received FDA approval and
was launched in 2005. Unigene has licensed the U.S. rights for Fortical
to Upsher-Smith Laboratories, worldwide rights for its oral PTH
technology to GlaxoSmithKline and worldwide rights for its calcitonin
manufacturing technology to Novartis. Unigene’s patented oral delivery
technology has successfully delivered, in preclinical and/or clinical
trials, various peptides including calcitonin, PTH and insulin.
Unigene’s patented manufacturing technology is designed to
cost-effectively produce peptides in quantities sufficient to support
their worldwide commercialization as oral or nasal therapeutics. For
more information about Unigene, call (973) 265-1100 or visit www.unigene.com.
For information about Fortical, visit www.fortical.com.
Safe Harbor statements under the Private Securities Litigation Reform
Act of 1995: This press release contains forward-looking statements as
defined in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements are based upon Unigene Laboratories, Inc.'s
management's current expectations, estimates, beliefs, assumptions, and
projections about Unigene's business and industry. Words such as
"anticipates," "expects," "intends," "plans," "predicts," "believes,"
"seeks," "estimates," "may," "will," "should," "would," "potential,"
"continue," and variations of these words (or negatives of these words)
or similar expressions, are intended to identify forward-looking
statements. In addition, any statements that refer to expectations,
projections, or other characterizations of future events or
circumstances, including any underlying assumptions, are forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict. Therefore, our actual results
could differ materially and adversely from those expressed in any
forward-looking statements as a result of various risk factors. These
risks and uncertainties include the risks associated with the effect of
changing economic conditions, trends in the products markets, variations
in Unigene's cash flow, market acceptance risks, technical development
risks and other risk factors detailed in Unigene's Securities and
Exchange Commission filings.
Source: Unigene Laboratories, Inc.
Investor:
The Investor Relations Group
Erika Moran/Dian
Griesel, Ph.D.
Media Contact: Janet Vasquez
212-825-3210
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