Medical device company files for bankruptcy

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York, Pa.-based medical device company Unilife Corp., which develops and markets injectable drug delivery systems, has filed for Chapter 11 bankruptcy.

The company said it has received a commitment for $7 million in debtor-in-possession financing. Unilife expects the financing, combined with its cash from operations, to provide sufficient liquidity to support its operations during the Chapter 11 process.

"We have conducted an extensive review of alternatives to address Unilife's capital structure, and we believe pursuing a balance sheet restructuring or sale through Chapter 11 is the best path forward at this time," said John Ryan, CEO of Unilife. "We expect that restructuring Unilife's balance sheet or the sale of its assets as a going concern through the Chapter 11 process will best position Unilife's business for future success."

The company lists its assets as approximately $83 million and its debts as about $201 million in its bankruptcy filing, according to the Philadelphia Business Journal.

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