Unilife Announces Review of Strategic Alternatives

Unilife Corporation ("Unilife" or the "Company")

, a developer, manufacturer and supplier of injectable drug delivery systems, today announced that in response to third-party initiated expressions of interest, the Company's Board of Directors has engaged Morgan Stanley & Co. LLC to conduct a review of strategic alternatives to maximize shareholder value. Potential strategic alternatives to be explored and evaluated during the review process may include a possible sale of the Company, a strategic partnership with one or more parties or the licensing of some of the Company's proprietary technologies. The Unilife Board of Directors will not provide any commitment regarding when or if this strategic review process will result in any type of transaction, and no assurance can be given that the Company will determine to pursue a potential sale, strategic partnership or licensing arrangement. Mr. Alan Shortall, Chairman and CEO of Unilife, said: "In keeping with the Board's commitment to act in the best interests of all shareholders, we have determined at this time that it is prudent to explore strategic alternatives to determine the best opportunities for enhancing shareholder value. Unilife management will continue to operate the business as normal during this review process to serve the needs of existing and prospective pharmaceutical customers."