York, PA-based syringe maker Unilife has begun a scheduled realignment of its operations that will save it $12 million. And as part of the plan, the company will eliminate what it calls a number of "redundant positions across various levels of the organization." The effort comes as the company focuses on the production and sale of its Unifill prefilled syringe, the Unitract 1-mL syringe and the commercialization of other pipeline products. It also plans to pump up its sales and marketing team to support the cultivation of commercial partnerships.
In a statement, Unilife says it expects to reduce operating expenses by approximately $5 million during this calendar year, as well as streamline capital spending programs to further improve cash reserves by approximately $7 million.
Over the last two years, Unilife has expanded its operational capabilities to meet the anticipated production requirements and other expectations of current and prospective pharmaceutical customers. As a result, Unilife increased its workforce to 150 staff, made significant investment in new capital equipment, and developed a state-of-the-art manufacturing facility in York.
But now, it's time for the company to streamline. "Having completed the key industrial milestone of initial Unifill syringe production well ahead of schedule, Unilife can implement a planned realignment of its business structure to better service the needs of pharmaceutical customers and deliver value to shareholders," COO Ramin Mojdeh explains in a statement.
The company's shares rose about 0.2 percent yesterday to close at $5.44, rising 1 cent for the day, Mass Device reports.
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