Unilife Completes $10 Million Common Stock Offering

             Unilife Completes $10 Million Common Stock Offering

PR Newswire

YORK, Pa., Feb. 11, 2013

YORK, Pa., Feb. 11, 2013 /PRNewswire/ --Unilife Corporation ("Unilife" or
"Company") (NASDAQ:UNIS; ASX: UNS), a developer and commercial supplier of
injectable drug delivery systems, today announced that it has completed the
sale of common stockand warrants (the "Units") for gross proceeds of $10
million under a registered direct public offering (the "Offering") with Crede
CG II, Ltd., a wholly-owned subsidiary of Crede Capital Group, LLC ("CCG"), a
U.S. based accredited, institutional investor.

The price paid by CCG is $2.241667 per Unit, which is approximately $0.04 over
the closing price of Unilife common stock on Friday, February 8^th. Each Unit
consists of one share of Unilife common stock, and a warrant to purchase
one-third of a share of Unilife common stock. Under the Offering, Unilife has
issued to CCG 4,460,966 shares of Unilife common stock and warrants to
purchase up to an aggregate of 1,486,988 shares of Unilife common stock. The
warrants have a five-year term, and are immediately exercisable at a price of
$3.00 per share. Shareholder approval is not required to be obtained by
Unilife for the issue of the Units to CCG.

The Company expects to use the net proceeds from this Offering to fund the
continued development and supply of its broad portfolio of injectable drug
delivery systems, to purchase and operate capital equipment to expand
production, and for working capital and other general corporate purposes.

Alan Shortall, CEO of Unilife, stated: "After being approached last week by
Crede Capital and advised that they sought to take a long-term, passive
position in Unilife, we determined that the timing of such an investment was
favorable and in the best interests of shareholders. I consider the dilution
to be minimal, and outweighed by the commercial and financial options it
creates for us moving forward.

"We believe this financing strengthens our balance sheet and enhances our
ability to finalize a series of near-term agreements with pharmaceutical
companies over the coming months. It will also help us secure favorable terms
with U.S. institutions for a proposed long-term debt financing that would
allow us to minimize future dilution of shareholders," Mr. Shortall
concluded.

The gross proceeds realized by Unilife in connection with the Offering are $10
million and the net proceeds, after deducting the placement agent and
estimated offering expenses, are expected to be approximately $9.6 million.

About Unilife Corporation
Unilife Corporation (NASDAQ: UNIS / ASX: UNS) is a U.S. based developer and
commercial supplier of injectable drug delivery systems. Unilife's broad
portfolio of proprietary device technologies includes prefilled syringes with
automatic needle retraction, drug reconstitution delivery systems,
auto-injectors, long-duration subcutaneous pump delivery systems and targeted
delivery systems. Each of these innovative and highly differentiated device
platforms can be customized by Unilife to address specific customer, drug and
patient requirements. Unilife's global headquarters and state-of-the-art
manufacturing facilities are located in York, PA. For more information, please
visit www.unilife.com.

Safe Harbor Statement
This press release contains forward-looking statements including without
limitation, statements about the completion, timing, size and use of proceeds
of our public offering. All statements that address operating performance,
events or developments that we expect or anticipate will occur in the future
are forward-looking statements. These forward-looking statements are based on
management's beliefs and assumptions and on information currently available to
our management. Management believes that these forward-looking statements are
reasonable as and when made. However, you should not place undue reliance on
any such forward-looking statements because such statements speak only as of
the date when made. We do not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. In addition,
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results, events and developments to differ materially from
our historical experience and our present expectations or projections. These
risks and uncertainties include, but are not limited to, the satisfaction of
customary closing conditions associated with the offering, the risk that the
offering does not close as well as those described in "Item 1A. Risk Factors"
and elsewhere in our Annual Report on Form 10-K, in the final prospectus
supplement and related prospectus relating to the offering and those described
from time to time in other reports which we file with the SEC.

General: UNIS-G

Investor Contacts (US):   Analyst Enquiries  Investor Contacts   Media Contact
                                             (Australia)
Todd Fromer / Garth       Lynn Pieper        Jeff Carter         Eve McGrath
Russell
KCSA Strategic            Westwicke Partners Unilife Corporation Rubenstein
Communications                                                   PR
P: + 1 212-682-6300       P: + 1             P: + 61 2 8346 6500 P: + 1 212
                          415-202-5678                           843-8490



SOURCE Unilife Corporation

Website: http://www.unilife.com
 
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