SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Levy Richard N (Last) (First) (Middle) C/O VICTORY PARK CAPITAL ADVISORS, LLC 227 WEST MONROE STREET, SUITE 3900 (Street) CHICAGO IL 60606 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 03/17/2010	3. Issuer Name and Ticker or Trading Symbol UNIGENE LABORATORIES INC [ UGNE ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	8,645,814	I(1)	See Footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Senior Secured Convertible Note	03/17/2011(2)	03/17/2013(3)	Common Stock	(4)	$0.7(4)	I(1)	See Footnote(1)

Explanation of Responses:

1. All of the reported securities are beneficially owned directly by Victory Park Credit Opportunities Master Fund, Ltd. (the "Fund") and indirectly by (i) Victory Park Capital Advisors, LLC as the investment manager for the Fund, (ii) Jacob Capital, L.L.C., as the manager of Victory Park Capital Advisors, LLC and (iii) Richard Levy, as the sole member of Jacob Capital, L.L.C. Richard Levy disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

2. The Senior Secured Convertible Note (the "Note") is in an aggregate principal amount of $33,000,000. The Note is convertible, at the holder's option, into shares of Common Stock of the Issuer upon the earliest of (i) March 17, 2011 and (ii) the occurrence of certain events set forth in the Note, including the Issuer's delivery of a redemption notice with respect to the Note, certain fundamental transactions involving the Issuer or an event of default under the Note.

3. The maturity date of the Note is the earlier of (i) March 17, 2013 and (ii) such earlier date as the unpaid principal balance of the Note becomes due and payable pursuant to the terms of the Note.

4. The conversion rate, which is subject to adjustment as set forth in the Note, is calculated by dividing the sum of the principal to be converted, plus all accrued and unpaid interest thereon, by $0.70 per share.

	/s/ Richard Levy	03/19/2010
	** Signature of Reporting Person	Date
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