April 4, 2017 / 9:31 PM / 9 months ago

BRIEF-Unilife exploring bridge financing alternatives to fund ops on ongoing basis - SEC filing

April 4 (Reuters) - Unilife Corp:

* Existing cash as of March 31 will not provide sufficient liquidity to fund operations past week ending April 7 without co falling below requirements of debt facilities

* As of March 31, 2017, company’s unaudited cash balance was approximately $6.3 million, including $2.4 million of restricted cash

* Terminated employment of an aggregate of 51 employees at its York, Pennsylvania, and King of Prussia, Pennsylvania locations

* Company expects to record a charge related to terminated employees of approximately $0.6 million in connection with notice

* Company does not expect a material difference between cash impact and charge to be recorded

* Because to date co has not obtained financing commitment to fund operations on ongoing basis, co is exploring bridge financing alternatives

* Bridge financing, if obtained, may be in form of DIP financing related to proceeding concerning co under chapter 11 of U.S. Bankruptcy Code

* Received notice from a key customer for wearable injectors that customer is putting program with co on hold for reasons unrelated to co’s products

* On April 4, issued notice to employees if co is unsuccessful in obtaining financing, will be forced to permanently close its facilities in Pennsylvania

* Unless co obtains financing to continue business operations, it is expected that closure of facilities will occur on or about June 4, 2017 Source text - bit.ly/2oFvFIy Further company coverage:

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