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 w
|SOURCE Interleukin Genetics, Inc.|
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