WALTHAM, Mass., Aug. 13 /PRNewswire-FirstCall/ -- Interleukin Genetics, Inc. (NYSE Amex: ILI) today announced financial and operational results for the second quarter ended June 30, 2009.
"The launch of our new Inherent Health brand of genetic test products marked a significant milestone for the Company in the second quarter. Our novel and unique product, the Weight Management genetic test, has been well received and is generating interest through a number of channels," said Lewis H. Bender, Chief Executive Officer. "We further executed on our key strategic objective, which is to grow our genetic testing business, by divesting the Alan James Group and signing a licensing partnership with LABEC Pharma for sales and distribution of our Heart Health product in Spain and Portugal."
Revenue from continuing operations for the three months ended June 30, 2009 was $0.2 million compared to $0.5 million for the same period in the prior year. The decrease was primarily attributable to lower contract research revenue. Genetic test revenue increased this quarter over the same period in the prior year as we experience positive growth in that segment of our business.
In addition, prior to the opening of business on July 1, 2009, the Company executed an agreement to sell substantially all of the Alan James Group assets of its subsidiary AJG Brands, Inc. to Pep Products, Inc. for a sales price of $4.6 million, with $4.4 million received on July 1, 2009 and the balance of $200,000 due to the Company after two years, subject to certain conditions.
Research and development expenses from continuing operations were $0.9 million for the three months ended June 30, 2009 compared to $0.7 million for the same period in the prior year. The increase is primarily attributable to o
|SOURCE Interleukin Genetics, Inc.|
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