SOURCE: Unilife Medical Solution

Unilife Medical Solution

October 23, 2009 09:09 ET

Unilife CEO Makes Open Market Purchase of $500,000 of Company Shares

LEWISBERRY, PA--(Marketwire - October 23, 2009) - Unilife Medical Solutions Limited ("Unilife" or "the Company") (ASX: UNI) (PINKSHEETS: UNIFF) today announced that its Chief Executive Officer Alan Shortall has made open market purchases of Company shares.

The total number of shares purchased on October 21, 2009 was 479,800 at an average price of A$1.026 per share. Mr. Shortall has authorized his broker to purchase additional shares that will bring the total number of shares purchased this week to in excess of 500,000 shares.

Mr. Shortall said that he has elected to purchase these shares in the open market rather than participate in the recently announced private placement.

"The reason I chose to purchase these shares via the open market was to show our shareholders that I am standing by them in their belief in the Company," Mr. Shortall said.

"I could have simply participated in the private placement and obtained the shares at a discount to market and received the benefit of the same options that the institutions received, but I have instead chosen to show my allegiance to the Company and its shareholders by purchasing additional shares in the open market. I believe a direct market purchase is a truer reflection of my genuine support for our Company and my confidence in our long term prospects and world-class management team."

In considering his investment Mr. Shortall continued, "The progress the Company has made during the last two years, and our recent closing of the A$32.1 million private placement to institutional investors, provides me with the confidence to state that despite current economic conditions, I believe that Unilife has never been in a better position, operationally or financially."

About Unilife

Unilife Medical Solutions Ltd is an ISO 13485 certified company that designs, develops and supplies innovative safety medical devices. Listed on the Australian Securities Exchange (ASX: UNI) since 2002, Unilife has FDA registered manufacturing facilities in the US State of Pennsylvania and a proprietary portfolio of clinical and prefilled safety syringes designed for use within healthcare and pharmaceutical markets.

Contact Information

  • Shareholder / Analyst Enquiries:
    Jeff Carter
    Phone: + 61 2 8346 6500

    United States
    Stuart Fine
    Phone: + 1 908 469 1788