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Unilife lays off 51 employees, could close Pa. facilities

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Unilife lays off 51 employees, could close Pa. facilities

Unilife Corp. laid off 51 employees at its York and King of Prussia facilities in Pennsylvania on April 4 on the back of recurring losses and negative cash flows from operations.

As of March 31, Unilife's unaudited cash balance was about $6.3 million, including $2.4 million restricted cash, which was enough to operate until the week ended April 7, the company said in an SEC filing.

The drug delivery company was exploring bridge financing alternatives to fund its operations on an ongoing basis, and may obtain financing from ROS Acquisition Offshore LP.

If it fails to obtain any financing, it will be forced to permanently close its two facilities in Pennsylvania, the company said in a Worker Adjustment and Retraining Notification Act notice issued to its employees, state and local government agencies.