It is expected that these pharmaceutical collaborations can replicate the success of the Unifill syringe on multiple fronts, and significantly expand the size and scope of Unilife as a global leader for device innovation.
It has taken a lot of hard work and perseverance to arrive at this position. In particular, it was imperative that the industrialization program for the Unifill syringe was completed ahead of schedule. To ensure Unilife was able to hit every single quarterly milestone since the program began in 2008, we initiated a surge in our staff and operational capabilities. As a result of this upfront investment, we have now arrived at the point where we can serve as a preferred and reliable supplier to pharmaceutical customers.
With the industrialization program now all but complete, we have been able to implement a timely realignment of our business. This realignment was designed to not only maximize commercial opportunities for the Unifill syringe, but also fast-track the commercialization of other innovative devices in our pipeline. As an additional side benefit, the realignment is expected to drive additional efficiencies in our business that should reduce our cash burn by approximately $12 million for the calendar year 2011 alone.
Finally, I am also pleased to announce that we have signed a term sheet with an equipment financing company to provide up to $12.0 million in financing for the initial assembly line for the Unifill syringe that is installed at our York facility. We expect to close this transaction by the end of May, allowing us to recoup $8.0 million in cash currently invested in this equipment. In combination with the savings from our recent realignment plan, we believe we now have sufficient cash to carry us through until at least the end of fiscal 2012.I would now like to turn the call over to Rich to discuss our financial results for the quarter ended March 31, 2011….Rich…
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