WALTHAM, Mass., Nov. 10, 2011 /PRNewswire/ -- Interleukin Genetics, Inc. (OTCQB: ILIU) today announced financial and operational results for the third quarter ended September 30, 2011.
Total revenue for the three months ended September 30, 2011 was $765,000, compared to $545,000 for the same period in the prior year. The increase was attributable to greater genetic test revenue.
Research and development expenses were $325,000 for the three months ended September 30, 2011, compared to $317,000 for the same period in the prior year. The Company continues its work in its weight management and periodontal disease programs.
Selling, general, and administrative expenses were $1.1 million for the three months ended September 30, 2011, compared to $1.2 million for the same period in the prior year. The decrease was primarily attributable to decreased corporate professional fees offset in part by increased patent-related legal fees and sales commissions paid to Amway.
The Company reported a net loss of $1.1 million, or $(0.03) per basic and diluted common share, for the third quarter of 2011, compared to a loss of $1.4 million, or $(0.04) per basic and diluted share, for the same period in the prior year. On September 30, 2011, the Company had cash and cash equivalents of $1.0 million and had $3.3 million available under its credit facility.
"We are pleased to show continued revenue growth for our Weight Management Genetic Test and Wellness Select combination products. Customers are now paying monthly or annual subscription fees to our premium weight management web-tools package," said Lewis H. Bender, Chief Executive Officer of Interleukin Genetics. "In addition, enrollment in our clinical study to demonstrate the utility of using our PST® genetic test to improve the management of patients at risk of periodontal disease with Renaissance Health and the University of Michigan is proceeding with approximately 3,300 patients of the desired 4,000 enrolled thus far."
Conference Call and Webcast InformationInterleukin Genetics will host a live conference call and webcast today at 4:30 p.m. EST to review the Company's new business developments and second quarter financial results. To access the live call, dial 877-324-1976 (domestic) or 631-291-4550 (international). The live webcast and replay access will be available on the Investors section of the Company's Website at: www.ilgenetics.com.
About Interleukin Genetics, Inc. Interleukin Genetics, Inc. (OTCQB: ILIU) develops and markets a line of genetic tests under the Inherent Health® brand. The products empower individuals to prevent certain chronic conditions and manage their existing health and wellness through genetic-based insights with actionable guidance. Interleukin Genetics leverages its research, intellectual property and genetic panel development expertise in metabolism and inflammation to facilitate the emerging personalized healthcare market. Interleukin Genetics' flagship products include its proprietary PST® genetic risk panel for periodontal disease and tooth loss susceptibility sold through dentists and the Inherent Health Weight Management Genetic Test that identifies the most effective diet and exercise program for an individual based on genetics. Interleukin Genetics is headquartered in Waltham, Mass. and operates an on-site, state-of-the-art DNA testing laboratory certified under the Clinical Laboratory Improvement Amendments (CLIA). For more information, please visit www.ilgenetics.com.
Certain statements contained herein are "forward-looking" statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those risks and uncertainties described in the Company's annual report on Form 10-K for the year ended December 31, 2010 and other filings with the Securities and Exchange Commission. The Company disclaims any obligation or intention to update these forward-looking statements.Contacts:Interleukin Media:
Interleukin Investors:Jon Siegal / Kirsten Fallon
Eliot LurierSchwartz MSL
Interleukin Genetics, Inc.781-684-0770
email@example.com INTERLEUKIN GENETICS, INC.FINANCIAL HIGHLIGHTSBalance Sheet Data : (Unaudited)September 30,December 31,20112010(Unaudited)Cash and cash equivalents
3,999,029Total current assets
5,975,000Total current liabilities
2,633,096Total shareholders' deficit
(6,658,096)Total liabilities and shareholders' deficit
5,975,000Statement of Operations Data (Unaudited): Three Months Ended Sept. 30,Nine Months Ended Sept. 30,2011201020112010Revenue:Genetic testing service revenue
,460,601Other34,22213,59352,00825,805Total revenue765,416544,7442,281,7651,486,406Cost of revenue
370,740409,0101,166,7931,254,033Gross profit (loss)
394,676135,7341,114,972232,373Operating costs and expenses:Research and development
324,669317,155989,2871,059,450Selling, general and administrative
1,086,6061,168,3143,542,2034,209,879Amortization of intangibles
28,86328,86386,59086,590Total operating expenses
1,440,1381,514,3324,618,0805,355,919Loss from operations
(1,045,462)(1,378,598)(3,503,108)(5,123,546)Total other income and (expense), net
(89,080)(63,545)(257,778)(177,371)Loss from continuing operationsbefore income taxes
(1,134,542)(1,442,143)(3,760,886)(5,300,917)Income taxes----Loss from continuing operations
(5,300,917)Income from discontinued operations,net of income taxes
(4,818,387)Basic and diluted net (loss) income per common share from:Continuing operations
(0.14)Weighted average common shares outstanding,basic and diluted
|SOURCE Interleukin Genetics, Inc.|
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