|Day's Range||0.1580 - 0.1887|
|52 Week Range||0.0900 - 4.5700|
|PE Ratio (TTM)||-0.03|
|Earnings Date||Jun 16, 2016 - Jun 17, 2016|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||10.77|
Mounting losses caught up to medical device maker Unilife Corp. Wednesday as the company turned to bankruptcy in a bid to find a buyer for its business.
ASX: UNS) today announced that it has commenced a formal proceeding to restructure its balance sheet or to sell its assets as a going concern in order to better position the business for the future. To facilitate this restructuring or sale, the Company filed voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Court"). Unilife's foreign affiliates in Australia are not included in the filing but are expected to be included in the restructuring or sale. Unilife's operations will remain ongoing during the chapter 11 process. The Company has obtained a commitment for a $7 million debtor-in-possession ("DIP") financing facility underwritten by an affiliate of OrbiMed Advisors. Subject to Court approval, this DIP financing, combined with the Company's cash from operations, is expected to provide sufficient liquidity during the chapter 11 cases to support the company's continuing business operations and minimize disruption.
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