Research and development expenses were $1.1 million for the quarter ended December 31, 2008, compared to $682,000 for the same period in 2007. The increase was primarily due to expenses relating to our expanded research programs in the areas of osteoarthritis, obesity, sports medicine and osteoporosis.
Selling, general and administrative expenses were $1.6 million for the three months ended December 31, 2008, compared to $1.5 million for the quarter ended December 31, 2007. The increase is primarily due to increased promotional and advertising expenses across both segments of the Company's business as well as increased expenses due to additional headcount.
The Company reported a net loss of $1.5 million, or $(0.05) per basic and diluted common share, for the fourth quarter of 2008, which was consistent with the same period in the prior year. On December 31, 2008, the Company reported cash and cash equivalents of $5.0 million compared to $7.6 million of cash and cash equivalents on December 31, 2007. In addition, the Company has access to $10.3 million under credit facilities with Alticor.
"We see an exciting and evolving market opportunity for the services and technology Interleukin Genetics can offer. We believe the needs of pharmaceutical and biotechnology companies to boost innovation and development success will enhance the market for molecular diagnostic tools," continued Mr. Bender. "As such, we will continue our efforts for 2009 on developing genetic tests for chronic diseases that can provide meaningful value for drug developers, while further exploring exciting areas of new research that resonate with consumers."
|SOURCE Interleukin Genetics, Inc.|
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