WALTHAM, Mass., July 2 /PRNewswire-FirstCall/ -- Interleukin Genetics, Inc. (NYSE Amex: ILI) announced today that on June 30, 2009 it executed an agreement to sell the Alan James Group assets of its subsidiary AJG Brands, Inc. to Pep Products, Inc., a subsidiary of Nutraceutical Corporation, for approximately $4.6 million in cash. The transaction was completed following the close of business on June 30th.
"While the Alan James Group business saw an increase in sales during the last fiscal year and we were able to introduce two new products to the market in the past seven months, this transaction allows us to focus our efforts on growing our core genetic testing business. The sale of AJG provides non-dilutive cash to continue development and promotion of our genetic testing services and products including our new brand of Inherent Health tests," said Lewis H. Bender, CEO, Interleukin Genetics.
About Interleukin Genetics
Interleukin Genetics, Inc. (NYSE Amex: ILI) develops and markets genetic tests, including its new brand of Inherent Health genetic test products that empower consumers to maintain health and wellness, and assists pharmaceutical companies in the development and marketing of targeted therapeutics. The Company leverages its research, intellectual property, and biomarker development experience to facilitate the emerging personalized health market. Interleukin Genetics is headquartered in Waltham, MA. For more information please visit www.ilgenetics.com.
Certain statements contained herein are "forward-looking" statements including statements regarding the Company's ability to develop genetic tests that identify genetic variations that affect risk of heart disease, periodontal disease and osteoporosis, nutritional needs and optimal weight-loss methods, to identify nutritional and lifestyle decisions that favorably affect such conditions, to provide such information in a format tailored to the individual, and to otherwise make progress in advancing the Company's core technologies. 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, the risk of market acceptance of the Company's products, the risk of technology and product obsolescence, delays in product development, the performance of commercial partners, the availability of adequate capital, the actions of competitors and other competitive risks, and those other risks and uncertainties described in the Company's annual report on Form 10-K and other filings with the Securities and Exchange Commission. The Company disclaims any obligation or intention to update these forward-looking statements.
|SOURCE Interleukin Genetics, Inc.|
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