Navigation Links
Interleukin Genetics Reports First Quarter 2009 Financial Results

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

Corporate Highlights

  • Granted License of Heart Health Genetic Test to LABEC Pharma. In April, the Company entered into a licensing agreement to permit LABEC Pharma to market and sell the Company's Heart Health genetic test throughout Spain and Portugal. As part of the agreement, the tests will be processed at Interleukin Genetics and marketed by LABEC Pharma. Interleukin Genetics will receive royalties and commercial milestone payments.
  • Improved Genetic Test Format. In March, Interleukin Genetics announced the creation of a new, detailed report format and information package for its General Nutrition genetic risk assessment test to enable a better understanding of an individual's genetic pattern as it relates to vitamin B metabolism and response to oxidative stress and free radicals.

Research Highlights

  • Presented Data Linking Vertebral Fractures to Gene Variations. Interleukin Genetics presented research findings from a large clinical study on the genetics of osteoporosis and vertebral fractures at the 8th International Symposium on Osteoporosis: Translating Research into Clinical Practice, on April 4 in Washington, D.C. The poster, titled "Identification of Inflammatory Gene Variants as Biomarkers of Osteoporosis Risk in Asian Women," highlighted genetic predisposition risk factors in Asian women for vertebral fractures and osteoporosis.
  • Presented Data Highlighting Link Between Inflammatory Genes and Weight Loss. In January, at a Keystone Symposium titled, "Obesity: Novel Aspects of the Regulation of Body Weight," in Banff, Alberta, Canada, Interleukin Genetics presented new research findings on the role genetics play in an individual's ability to lose weight and body fat while following a calorie-restricted diet. The poster, titled, "Association of genes involved in chronic inflammation with weight management in response to the carbohydrate content of diet under calorie restriction," highlighted the influence of genetic polymorphisms in the genes of interleukin-1 (IL-1) inflammatory pathway on dietary intervention induced weight and body fat loss.

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

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

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.

                              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
                                                        ----         ----
      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.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. NYSE Amex Accepts Interleukin Genetics Plan to Meet Continued Listing Standards
2. Interleukin Genetics to Chair Expert Panel Discussion on Use of Biomarkers in Drug Development at BIO Convention
3. Interleukin Genetics Announces Conference Call to Discuss First Quarter 2009 Results
4. Interleukin Genetics Grants LABEC Pharma a License for Sales and Distribution of Its Heart Health Genetic Test
5. Interleukin Genetics Receives NYSE Amex Staff Determination, Requests Oral Hearing Before the Listing Qualifications Panel
6. Interleukin Genetics Announces Conference Call to Discuss Fourth Quarter 2008 Results
7. Interleukin Genetics to Present at G-2 Reports Molecular Diagnostic Conference
8. Interleukin Genetics Submits Plan to Regain Compliance with Continued Listing Standards
9. Interleukin Genetics to Present Data Highlighting Link Between Inflammatory Gene Variations and Less Effective Weightloss
10. Novel bioreactor enhances interleukin-12 production in genetically-modified tobacco plants
11. Interleukin Genetics Announces Conference Call and Webcast to Discuss Third Quarter 2008 Business Results
Post Your Comments:
(Date:12/1/2015)... ... December 01, 2015 , ... ... and SACC-USA through membership and leadership since 2008. Gary Bruce, President of PartnerTech ... . Gary has spent a significant amount of time in Sweden since joining ...
(Date:12/1/2015)... , ... December 01, 2015 , ... ... Center Enterprise Authorized Technology Provider (ATP) status from Cisco. This designation recognizes Tympani ... support Cisco Unified Contact Center solutions targeted to the high-end enterprise contact center ...
(Date:11/30/2015)... ... December 01, 2015 , ... The National ... 2015-2016 inductee into its VIP Woman of the Year Circle. She is recognized ... networking organization exclusively for professional women, boasting 850,000 members and over 200 operating ...
(Date:11/30/2015)... ... November 30, 2015 , ... ... extremely stressful. At the VA Maryland Health Care System, the Caregiver Support ... patients. “Caregivers have a difficult job. Seventy-four percent report that their role ...
(Date:11/30/2015)... ... 30, 2015 , ... Thermi™, a world leader in thermistor-regulated ... ThermiRFR temperature controlled radiofrequency platform has received CE marking and may now be ... temperature as a clinical endpoint. The technology has been available in the ...
Breaking Medicine News(10 mins):
(Date:12/1/2015)... DUBLIN , Dec. 1, 2015 Research ... of the "Global Mouth Ulcer Treatment Market 2015-2019" ... --> --> According to the report, ... of the global population now affected by them. The ... hormonal imbalances, and tobacco smoking. Mouth disorders are also ...
(Date:11/30/2015)... , 1 décembre 2015 ... exposition et conférence d,Asie portant sur ... sur l,industrie manufacturière, se tiendra à ... 20 au 22 avril 2016. ... Photo - ...
(Date:11/30/2015)... , Nov. 30, 2015  QT Vascular Ltd., together ... together with its subsidiaries, TriReme Medical LLC and Quattro ... engaged in the design, assembly and distribution of advanced ... disease, is pleased to announce that a three-judge panel ... of Appeals for the Federal Circuit ("Federal Circuit") has ...
Breaking Medicine Technology: