The company has reported a net loss of $6.65m, or $0.07 loss per diluted share, compared to net loss of $15.95m or $0.17 loss per diluted share, for the same period last year.
This was primarily due to loss on change in fair value of embedded conversion feature of $10m, debt issuance cost of $2m, and an inventory reserve of $576,000 in 2010.
The company’s operating loss was $3.63m, as compared to $2.8m for the same period prior year.
Unigene president and CEO Ashleigh Palmer said during the quarter they made tremendous progress with Phase 2 oral PTH program licensed to GSK, and the flawless execution of this study remains a priority throughout the rest of the year.