Navigation Links
Interleukin Genetics Reports Fourth Quarter and Year End 2007 Financial Results

WALTHAM, Mass., March 27 /PRNewswire-FirstCall/ -- Interleukin Genetics, Inc. (Amex: ILI) today announced results for the fourth quarter and year ended December 31, 2007.

The Company reported revenues of $9.7 million and a net loss of $6.2 million, or $(0.22) per basic and diluted common share, for the year ended December 31, 2007, and revenues of $2.3 million and a net loss of $1.5 million, or $(0.05) per basic and diluted common share, for the quarter ended December 31, 2007.

"I am pleased to be leading this exciting company and working to leverage its compelling science and unique market opportunities to help improve patient care. The Company's infrastructure, from its accredited CLIA lab to its distribution channel for nutritional supplements, Alan James Group, to its intellectual property, is unique to the industry," commented Lewis H. Bender, Chief Executive Officer. "While 2007 was a transitional year for Interleukin Genetics, from management's standpoint, we made several key advances within our pipeline and added outstanding scientific talent to our team. During the year, the Company conducted market research and initiated new research programs, and we have thus positioned ourselves well to address the increasingly important role of genetic testing in the field of personalized medicine."

Year End Results

Revenue for the year ended December 31, 2007 was $9.7 million compared to $4.7 million for the year ended December 31, 2006, an increase of $5.0 million or 105%. $4.8 million of the increase was due to the inclusion of the consumer products segment for all of 2007 compared to the 4 and 1/2 months post acquisition in 2006. Additionally, the Company's personal health segment increased revenues by $147,000 in 2007 over 2006.

Research and development expenses were $2.9 million for the year ended December 31, 2007 compared to $3.3 million for the year ended December 31, 2006, a decrease of $334,000 or 10%. Selling, general and administrative expenses were $6.4 million for the year ended December 31, 2007 compared to $4.5 million for the year ended December 31, 2006, an increase of approximately $1.9 million or 41%. Approximately $1.3 million of this increase resulted from the inclusion of the consumer products segment for the full year 2007 and only since its acquisition in August 2006 in the prior year. Approximately $600,000 of this increase in 2007 resulted from the recording of a potential liability to former employees.

The Company reported a net loss of $6.2 million, or $(0.22) per basic and diluted common share, for the year ended 2007 compared to a net loss of $6.9 million, or $(0.27) per basic and diluted common share in 2006. The decrease was due largely to inclusion of the consumer products segment for the full year 2007, whereas in 2006 that segment was only included since its acquisition on August 17, 2006.

Fourth Quarter Results

Revenue for the three months ended December 31, 2007, was $2.3 million compared to $1.8 million for the same period in 2006. The increase was due largely to increased research revenue in 2007 compared to 2006.

Research and development expenses were $682,000 for the quarter ended December 31, 2007, compared to $1 million for the quarter ended December 31, 2006. The decrease was due largely to a reduction in personnel.

Selling, general and administrative expenses were $1.5 million for the three months ended December 31, 2007, compared to $1.6 million during the same period in the prior year, a decrease of approximately 6%, due largely to a reduction in personnel.

The Company reported a net loss of $1.5 million, or $(0.05) per basic and diluted common share, for the fourth quarter of 2007 compared to a net loss of $2.6 million, or $(0.10) per basic and diluted common share, for the fourth quarter of 2006.

On December 31, 2007, the Company reported cash and cash equivalents of $7.6 million compared to $10.1 million of cash and cash equivalents on December 31, 2006. In addition, the Company has access to $14.3 million under credit facilities with Alticor through August 2008.

"In 2008, we initiated an extensive effort to improve the reporting and communication of test results. Going forward, we expect to continue to initiate studies, validate existing results and provide clear, actionable information to customers in their personalized reports," continued Mr. Bender. "The use of genetic testing to determine the risk of the onset of diseases such as heart disease, osteoarthritis, obesity or gastric cancer and test results regarding an individual's genetic factors affecting nutrition, skin appearance or weight, will aid patients and their physicians in making decisions about the patient's healthcare. Looking ahead to the rest of the year, we are poised to demonstrate the value of our intellectual property, testing services, distribution networks and nutritional products."

2007 and Recent Highlights

-- New and Expanded Research Collaborations with Alticor: In February

2008, Interleukin Genetics and Alticor (a majority shareholder)

announced a new research agreement with Access Business Group

International LLC (ABG), a subsidiary of Alticor Inc., for Interleukin

Genetics to conduct studies in the areas of osteoporosis,

cardiovascular disease, nutrigenomics and dermagenomics. ABG is

expected to pay Interleukin Genetics $1.2 million during 2008 to fund

the research. In March 2007, the companies announced an expanded

agreement for the development of genetic tests to guide consumers'

selection of appropriate skin care products and to further the

development of tests for weight management, risk of osteoporosis and


-- Gensona(R) Heart Health Results at ACC: In March 2007, Interleukin

Genetics and collaborators at the University of California San Diego

reported at the American College of Cardiology (ACC) annual meeting

that associations between coronary artery disease (CAD) and both

oxidized phospholipids (OxPL) and Lp(a) levels appear to be dependent

on pro-inflammatory variants of the interleukin-1 (IL-1) genes. The

results were statistically significant and showed that patients with

identified genetic variations as measured by Interleukin Genetics'

Gensona(R) Heart Health genetic test had a significantly increased risk

of CAD or acute myocardial infarction.

-- New Program for Obesity Genetic Test: Interleukin Genetics initiated a

program in July 2007 to use its perilipin genetic technology, in-

licensed from Tufts University, to develop a genetic test to guide

medically-supervised weight loss in obese individuals.

-- Expansion of Genetic Testing into Japan and China: Interleukin Genetics

announced in July 2007 the completion of patient enrollment in clinical

studies in Japan and China as part of its preparation for the planned

launch of genetic tests in Asian markets in 2009. The Chinese study

includes 1,300 subjects who have cardiovascular disease or are healthy

controls. The Japanese study enrolled 400 subjects ahead of schedule

and is focused on genetic variations, bone loss and osteoporosis in

post-menopausal women in Japan.

-- Initiation of Osteoarthritis Study: In August 2007, Interleukin

Genetics initiated a study on the genetics of osteoarthritis in

collaboration with New York University Medical Center. The study is

investigating whether over-expression of certain disease-related

chemicals by some osteoarthritis patients is due to genetic differences

and whether the genetic differences increase the likelihood of

developing disease in multiple joints.

-- Publication in Nutrition on Inflammation Reduction from Botanical

Supplement: In September 2007, Interleukin Genetics reported results

published in the Journal Nutrition of a study finding that patients who

tested positive for at-risk IL-1 gene variations were more likely to

show a decrease in inflammation after botanical treatment than those

who tested negative for the IL-1 gene variations.

Conference Call and Webcast Information

Interleukin Genetics will host a live conference call and webcast today at 4:30 p.m. EDT. To access the live call, dial 877-440-5803 (domestic) or 719- 325-4900 (international). The live webcast will be available in the Investors section of the Company's website,

Replay access of the teleconference will be available for two weeks following the call by dialing 719-457-0820 (domestic) or 888-203-1112 (international). The passcode for the replay is 3385694. The webcast will be archived following the call at

About Interleukin

Interleukin Genetics, Inc. (Amex: ILI) is a genetics-focused personalized health company that develops preventive consumer products and genetic tests for sale to the emerging personalized health market. Focused on the future of health and medicine, Interleukin uses its leading genetics research and scientific capabilities to develop and test innovative preventive and therapeutic products. Interleukin currently offers an array of Nutraceuticals and OTCeuticals(R), including Ginkoba(R), Ginsana(R) and Venastat(R) which are sold at the nation's largest food, drug and mass retailers, and has commercialized genetic tests for periodontal disease risk assessment, cardiovascular risk assessment, and general nutrition assessment. Interleukin is headquartered in Waltham, MA. For more information about Interleukin and its ongoing programs, please visit

Certain statements contained herein are "forward-looking" statements including statements regarding the ability to develop diagnostic, personalized nutritional and therapeutic products to prevent or treat diseases of inflammation and other genetic variations, the ability to screen nutritional compounds for their effects on inflammatory responses and other genetic variations, given specific genetic patterns, the ability to make progress in advancing our core technologies, the ability to identify suitable commercial partners and enter into favorable agreements with them, and our expectations regarding future revenues from the Company's nutritional supplement products. 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 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, the ability to integrate acquired businesses, the ability to maintain relationships with customers, and those risks and uncertainties described in the Company's annual reports on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. The Company disclaims any obligation or intention to update these forward-looking statements.



Balance Sheet Data (Audited):

December 31, December 31,

2007 2006

Cash and cash equivalents $7,646,468 $10,082,919

Total current assets 10,012,508 12,991,113

Total assets $16,385,949 $22,630,285

Total current liabilities $6,162,535 $7,388,353

Total liabilities 6,193,535 8,844,354

Total shareholders' equity 10,192,414 13,785,931

Total liabilities and shareholders'

equity $16,385,949 $22,630,285

Statement of Operations Data (Audited):

Three Months Ended Twelve Months Ended

December 31, December 31,

2007 2006 2007 2006


Genetic testing

service revenue $130,328 $443,642 $779,237 $2,660,535

Net consumer

products sales 1,699,654 1,393,532 6,873,209 2,050,264

Contract research

revenue 469,825 - 2,028,031 -

Other 11,656 - 20,016 20,227

Total revenue 2,311,463 1,837,174 9,700,493 4,731,026

Operating costs and


Cost of genetic

testing services 254,679 275,061 975,769 1,212,831

Cost of consumer

products sold 841,605 972,658 3,723,677 1,629,766

Research and

development 681,909 1,008,065 2,928,249 3,262,349

Selling, general and

administrative 1,546,941 1,638,184 6,367,973 4,506,799

Amortization of

intangibles 415,170 490,227 1,651,244 646,065

Total operating

costs and

expenses 3,740,304 4,384,195 15,646,912 11,257,810

Loss from operations (1,428,841) (2,547,021) (5,946,419) (6,526,784)

Total other income and

expense, net (68,186) (46,426) (256,866) (412,972)

Net loss before income

taxes (1,497,027) (2,593,447) (6,203,285) (6,939,756)

Provision for income

taxes (3,500) (7,000) (15,500) (7,000)

Net loss $(1,500,527) $(2,600,447) $(6,218,785) $(6,946,756)

Net loss per basic and

diluted common share $(0.05) $(0.10) $(0.22) $(0.27)

Weighted average

common shares

outstanding 28,159,412 25,702,739 27,723,754 25,340,107

SOURCE Interleukin Genetics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. T cell immunity enhanced by timing of interleukin-7 therapy
2. Interleukin Genetics, Inc. Management to Present at Healthcare Conferences
3. Interleukin Genetics to Host Third Quarter 2007 Financial Results Conference Call November 7
4. Genetics Researcher at Childrens Hospital Selected as Howard Hughes Medical Institute Investigator
5. Genetics researcher at Childrens Hospital selected as Howard Hughes Medical Institute Investigator
6. Genetics May Determine Antidepressants Effectiveness
7. Genetics Influence Blood Pressure Medications
8. People with anorexia less likely to be blamed when biology, genetics explained
9. Top10 research advances include studies on genetics and stem cell research, stents
10. Heart attack risk from smoking due to genetics
11. Genetics May Boost Mexican-Americans Risk for Alcoholism
Post Your Comments:
(Date:10/13/2017)... ... October 13, 2017 , ... As health professionals work to improve their ... The patient is doing more than filling out a survey; in many cases health ... increasing emphasis in health care and research on the importance of active engagement with ...
(Date:10/13/2017)... ... , ... The American Board of Family Medicine's (ABFM) Board of Directors has ... succeeding Dr. James C. Puffer upon his retirement. Dr. Newton will serve in the ... at the end of 2018. Upon assuming the role of President and CEO on ...
(Date:10/13/2017)... ... October 13, 2017 , ... PurhealthRX , a leading Health and ... Applying the Purzorb™process to full spectrum CBD oil will revolutionize the rapidly growing CBD ... that can be easily incorporated into liquid products, while reducing costs to end users. ...
(Date:10/13/2017)... ... October 13, 2017 , ... Lori R. Somekh, founder of ... ElderCounsel, a national organization of elder law and special needs planning attorneys. “Membership in ... It also provides a forum to network with elder law attorneys nationwide,” said Somekh. ...
(Date:10/13/2017)... SAN LUIS OBISPO, Calif. (PRWEB) , ... October 13, 2017 , ... ... with Alzheimer’s or dementia. However, many long-term care insurance companies have a waiver for ... mean is the 90-day elimination period, when the family pays for care, is often ...
Breaking Medicine News(10 mins):
(Date:10/11/2017)... 11, 2017  BioPharmX Corporation (NYSE MKT: BPMX) researchers ... an innovative way to use nonlinear optical imaging to ... new drugs. ... will show how researchers from BioPharmX and the Wellman ... used a suite of imaging techniques in what is ...
(Date:10/10/2017)...  NDS received FDA 510(k) clearance in May 2017 for its ... specifically designed for endoscopy environments. An innovative secondary monitor solution, ZeroWire ... to support the improvement of patient outcomes, procedural efficiency, and the ... ... ...
(Date:10/4/2017)... , Oct. 4, 2017  South Korean-based healthcare product ... training aide "cprCUBE" on Kickstarter. The device will educate ... cardiac arrests with better efficiency compared to the dated ... real-time feedback on efficacy of the compression for a ... has a goal to raise $5,000. ...
Breaking Medicine Technology: