SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 11, 1996
UNIGENE LABORATORIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-16005 22-2328609
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(Commission File Number) (IRS Employer Identification Number)
110 Little Falls Road
Fairfield, New Jersey 07004
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(Address of Principal Executive Offices) (Zip Code)
(201) 882-0860
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
On October 11, 1996, the Company completed the sale of
3,945,000 units at a price of $1.75 per unit. Each unit consists of one share of
Common Stock and two warrants each entitling the holder to purchase 1/4 of a
share of Common Stock. The fee paid to the placement agent will consist solely
of 296,935 units. The net proceeds to the Company are expected to be
approximately $6.8 million.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Pro forma balance sheet as of August 31, 1996 reflecting the
results of the October 11, 1996 financing transaction.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
UNIGENE LABORATORIES, INC.
By /S/WARREN P. LEVY
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Warren P. Levy
President
Date: October 11, 1996
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<TABLE>
<CAPTION>
UNIGENE LABORATORIES, INC.
PRO FORMA BALANCE SHEET
(UNAUDITED)
August 31, 1996 (1) August 31, 1996
(before adj.) Adjustment (after adj.)
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<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents .......... $ 1,144,889 $ 6,800,000 $ 7,944,889
Accounts Receivable ................ 100,954 100,954
Prepaid expenses and other
current assets ................... 1,070,978 1,070,978
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Total current assets ...... 2,316,821 9,116,821
Property, plant and equipment-net
of accumulation depreciation and
amortization ..................... 10,724,798 10,724,798
Patents and other assets ........... 1,233,982 1,233,982
Unamortized debt issue costs ....... 231,000 231,000
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$ 14,506,601 $ 6,800,000 $ 21,306,601
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable ................. $ 1,031,840 $ $ 1,031,840
Accrued expenses ................. 680,212 680,212
Notes payable - stockholders ..... 1,190,000 1,190,000
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Total current liabilities . 2,902,052 2,902,052
Note payable - stockholders ...... 655,000 655,000
9.5% convertible debentures ...... 2,600,000 2,600,000
10% convertible debentures ....... 2,010,000 2,010,000
Stockholders' equity:
Common stock-par value $.01 per
share; authorized 48,000,000
shares, issued and outstanding
28,962,051 shares before adj ...
and 33,203,986 shares after adj 289,621 42,419 332,040
Additional paid-in capital ....... 46,241,652 6,757,581 52,999,233
Accumulated deficit .............. (40,190,693) (40,190,693)
Less: Treasury stock, at cost,
7,290 shares .............. (1,031) (1,031)
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Total stockholders' equity 6,339,549 6,800,000 13,139,549
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$ 14,506,601 $ 6,800,000 $ 21,306,601
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(1) Sale of 3,945,000 units at $1.75 per unit; plus placement agency fee of
296,935 units.
