WALTHAM, Mass., March 21, 2011 /PRNewswire/ -- Interleukin Genetics, Inc. (OTCQB: ILIU) today issued financial and operational results for its fiscal fourth quarter and full fiscal year ended December 31, 2010.
"We made good progress towards establishing our business in 2010. In collaboration with Stanford University, data from a clinical study was presented in March 2010 showing the important role applied genetics has in improving weight loss. Our Inherent Health Weight Management genetic test has begun to redefine the rules for successful dieting and has attracted global interest in our Company," said Lewis H. Bender, CEO, Interleukin Genetics, Inc. "This groundbreaking clinical study, which generated considerable media attention, enabled the Company to raise new capital, expand sales into international markets and record significant year-over-year revenue growth. Health professionals such as physicians and dieticians, as well as numerous regional weight loss centers around the world partnered with us to include our unique and cost-effective genetic test in personalizing their diet programs for their patients and customers."
2010 Financial HighlightsThe Company reported revenues of $2.0 million and a loss from continuing operations of $6.5 million, or $(0.18) per basic and diluted common share, for the year ended December 31, 2010, compared to revenues in 2009 of $1.1 million and a loss from continuing operations of $9.2 million, or $(0.29) per basic and diluted common share. The revenue increase is primarily attributable to sales of the Company's Inherent Health® brand of genetic tests, which benefitted from significant media attention surrounding the March 2010 announcement of successful study results with Stanford University on our Weight Management Genetic Test. The increase was partially offset by decreased contract research revenue as reimbursable research projects with Alticor were completed in 2009.
|SOURCE Interleukin Genetics, Inc.|
Copyright©2010 PR Newswire.
All rights reserved