Unilife Signs $1.4 Million Clinical Agreement for Organ Delivery Device (UNIS)

Financial News Network
November 30, 2011 AT 9:32 PM
Unilife (NASDAQ:UNIS) announced the signing of 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.The terms of the agreement and the pharmaceutical company are to remain confidential at this time. 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 (NASDAQ:UNIS) has potential upside of 80.3% based on a current price of $4.02 and an average consensus analyst price target of $7.25.