Unigene Labs raises $13.6M in debt restructuring

Boontoni, NJ-based Unigene Laboratories has restructured its debt, raising $13.6 million and giving Victory Park Capital Advisors, the sole investor in the transaction, the right to name two people to the company's board. Unigene also says that it has agreed to make changes to senior management. "This infusion of additional capital, coupled with the fact that we will not need to make interest payments on the notes until their maturity and that maturity date has been extended by approximately 18 months, will significantly improve our financial condition," said CEO Dr. Warren P. Levy. Unigene release