King of Prussia’s Unilife at Risk of Closure
Unilife, the King of Prussia developer of wearable injectors used for drug delivery, is at risk of closure without new financing, writes John George for Philadelphia Business Journal.
In a filing that was submitted to the Securities and Exchange Commission earlier this month, Unilife stated that its unaudited cash balance was about $6.3 million as of March 31, including restricted cash of $2.4 million.
According to the company, these amounts only provide sufficient liquidity to continue operations until April 7. After that it will breach its $5.1 million minimum cash and restricted cash balance requirements.
Unilife has been actively looking for new financing but so far without success. In an additional to filing a WARN notice with the state Department of Labor and Industry, the company also indicated it will be forced to close both of its facilities if new financing is not obtained.
Read more about the potential closure at Philadelphia Business Journal by clicking here.
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