Unigene reports marginal rise in Q3 revenues

Unigene Laboratories designs, manufactures and develops peptide-based therapeutics. The company is building a portfolio of proprietary partnerships in this expanding drug class based on its Peptelligence platform.

Unigene has posted a net loss of $4.38m for the third quarter 2010, or $0.05 loss per diluted share, compared to net loss of $5.83m, or $0.06 loss per diluted share, for the comparable period in 2009.

Operating loss was $1.83m, compared to $4.6m for the comparable period in 2009.

Unigene has posted a revenue of $8.42m, for the nine months ended 30 September 2010, compared to $10.22m for the year ago period.

For the nine months ended 30 September 2010, Unigene has posted a net loss of $23.97m, or $0.26 loss per diluted share, compared to net loss of $12.57m, or $0.14 loss per diluted share, for the year ago period.

Operating loss was $7.64m, compared to $9.2m for the year ago period.

Unigene CEO Ashleigh Palmer said that mid-way through the quarter they created two business units, Unigene Therapeutics and Unigene Biotechnologies to facilitate the execution of their strategic priorities.

"We will focus on increasing our runway in the near-term by prudent cash conservancy and incremental revenue generation; as resources permit, retiring debt and selectively investing in the advancement of existing core development programs; and maximising shareholder value by exploiting the full potential of the company’s Peptelligence technology platform," Palmer said.