UNI 0.00% $1.06 unilife medical solutions limited

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  1. Yak
    13,672 Posts.
    Pinched from somewhere else:

    Article in The Age today. Looks like trials of the syringe begin next month.

    Day traders cop blame as Unitract shoots up
    Date: April 15 2003

    The Age

    By Ian Porter

    Trading in shares of would-be syringe maker Unitract became superheated yesterday, with speculators pushing the price up 22 per cent.

    The price reached $2.70 during the day as the search for scrip turned into a frenzy. It closed at $2.59.

    "It feels like we should get a speeding fine," chairman David Riekie said yesterday.

    The huge rise came six days after the stock exchange queried an earlier increase - from $1.59 to $1.81 in a day. It was the third ASX price query since the company was relisted on October 31.

    Mr Riekie said he believed the share price was "pretty high", and that there was "a lot of expectation there". He repeated what he told the ASX last week, that he believed the high price showed that day traders had become interested in the stock.

    He said Unitract was on course with plans to bring its safety syringe to market.

    It is claimed to be the only syringe in the world that is both auto-disable (cannot be used twice) and auto-retract (non-protruding needle).

    Mr Riekie said his company's focus was now on gaining approval from the Therapeutic Goods Authority in Australia.

    He was confident the 10,000 or so syringes needed for that would be produced in late May. It would also give the company enough syringes to use for gaining approval in other markets.

    Those syringes would be made by the APS consulting engineering concern in Melbourne using dies that will ultimately be used in the purpose-built plant being built in Sydney by the unrelated ASP plastics company.

    Mr Riekie said Unitract's cash balance of $3 million would be enough to cover the development process at the current burn rate.

    Lenders had already provided guidelines the company had to meet to qualify for debt funding of its first plant, which will have an annual capacity of about 50 million syringes
 
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