WALTHAM, Mass., May 14 /PRNewswire-FirstCall/ -- Interleukin Genetics, Inc. (NYSE Amex: ILI) today announced financial and operational results for the first quarter ended March 31, 2009.
"In the first quarter we met several of our key corporate objectives. We completed negotiations on a very important research collaboration with a biotech company, presented data from our research related to osteoporosis and obesity at two important scientific conferences, established a European distribution agreement for our Heart Health test product and continued to develop the infrastructure necessary to create our own brand of genetic test products," said Lewis H. Bender, Chief Executive Officer. "Looking ahead to the rest of the year, we are preparing to launch our own genetic test brand, and continue to hold discussions with companies regarding partnering opportunities for our various programs, products, intellectual property and genetic biomarker expertise."
Revenue for the three months ended March 31, 2009, was $1.9 million compared to $2.7 million for the same period in the prior year. The decrease was primarily attributable to the effect current economic conditions have had on consumer product 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.
Research and development expenses were $0.9 million for the three months ended March 31, 2009 compared to $0.8 million for the same period in the prior year. The increase is primarily attributable to ongoing costs associated with our patent portfolio. In addition, we continue to allocate resources to projects underway with Alticor as well as the development of our own genetic test products.
Selling, general and administrative expenses were $2.0 million for the three months ended March 31, 2009, compared to $2.1 million for same period in the prior year. The decrease was primarily attributable to reduced expenses related to consulting partially offset by increased advertising and promotional expenses plus increased expenses relating to increased headcount.
The Company reported a net loss of $2.5 million, or $(0.08) per basic and diluted common share, for the first quarter of 2009, compared to $1.9 million, or $(0.06) for the same period in the prior year. On March 31, 2009, the Company reported cash and cash equivalents of $1.7 million. In addition, the Company has access to $10.3 million under credit facilities with Alticor.
2009 Highlights to Date
Conference Call and Webcast Information
Interleukin Genetics will host a live conference call and webcast today at 4:30 p.m. EDT to review the Company's new business developments and first quarter financial results. To access the live call, dial 877-397-0291 (domestic) or 719-325-4857 (international). The live webcast and replay access will be available on the Investors section of the Company's website at http://www.ilgenetics.com.
About Interleukin Genetics
Interleukin Genetics, Inc. (NYSE Amex: ILI) develops and markets genetic tests that empower consumers to prevent chronic diseases of aging and that assist 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 launch of its own genetic test brand, the Company's ability to enter into partnerships with third parties, the Company's receipt of royalties and commercial milestone payments from commercial partners,, the Company's development of preventive and therapeutic products and genetic tests, and the Company's ability to make progress in advancing its 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 risks and uncertainties described in the Company's annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission. The Company disclaims any obligation or intention to update these forward-looking statements.
INTERLEUKIN GENETICS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS Balance Sheet Data : 31-Mar 31-Dec 2009 2008 ---- ---- (Unaudited) (Audited) Cash and cash equivalents $1,746,523 $4,952,481 Total current assets 4,197,976 6,866,284 Total assets $9,575,198 $12,154,388 Total current liabilities $3,457,365 $3,666,961 Total liabilities 7,467,365 7,671,961 Total shareholders' equity 2,107,833 4,482,427 Total liabilities and shareholders' equity $9,575,198 $12,154,388 Three Months Ended Statement of Operations Data (Unaudited): March 31, 2009 2008 ---- ---- Revenue: Genetic testing service revenue $137,511 $101,752 Net consumer products sales 1,547,531 2,012,651 Contract research revenue 203,687 537,013 Other 6,266 3,107 ----- ----- Total revenue 1,894,995 2,654,523 --------- --------- Operating costs and expenses: Cost of genetic testing services 304,971 234,784 Cost of consumer products sold 737,728 1,101,188 Research and development 881,556 813,371 Selling, general and administrative 2,034,938 2,083,235 Amortization of intangibles 337,551 330,184 ------- ------- Total operating costs and expenses 4,296,744 4,562,762 --------- --------- Loss from operations (2,401,749) (1,908,239) ---------- ---------- Total other income and expense, net (36,338) 51,687 ------- ------ Net loss before income taxes (2,438,087) (1,856,552) Provision for income taxes (18,000) (18,550) ------- ------- Net loss $(2,456,087) $(1,875,102) =========== =========== Net loss per basic and diluted common share $(0.08) $(0.06) ====== ====== Weighted average common shares outstanding 31,855,981 30,832,121 ========== ==========
|SOURCE Interleukin Genetics, Inc.|
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