Unilife inks development and supply agreement
Unilife has signed a clinical development and supply agreement with a global pharmaceutical company for a novel device for targeted organ delivery. The proprietary Unilife device is intended to be used in a drug clinical trial that is scheduled to commence in early 2012.
Unilife will receive $1.4 million in development fees and revenue from initial unit sales of the devices for the clinical trial under the first phase of this program. Upcoming phases of the clinical development program are expected to generate additional revenues for Unilife over the coming year.
Unilife chief operating officer, Dr. Ramin Mojdeh, said, "This partnership demonstrates Unilife's capability in device innovation and its commitment to address the unmet needs of its customers in drug delivery. The significance of this technology is in the new and novel route of administration we have developed in collaboration with our pharmaceutical partner. Our device enables the administration of a new molecule to a specific organ without surgery, helping to create a new class of therapies intended for direct organ delivery. We have developed this device in record time. Our customer is delighted, and we look forward to continuing to serve their many unmet needs with innovation and in accordance with their timelines."