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Interleukin Genetics Reports Third Quarter 2010 Financial Results
Date:11/11/2010

WALTHAM, Mass., Nov. 11, 2010 /PRNewswire-FirstCall/ -- Interleukin Genetics, Inc. (OTCQB: ILIU) today announced financial and operational results for the third quarter ended September 30, 2010.

Revenue for the three months ended September 30, 2010 was $0.5 million compared to $0.3 million for the same period in the prior year. The increase was primarily attributable to greater genetic test revenue as we experience positive growth.

Research and development expenses were $0.4 million for the three months ended September 30, 2010 compared to $0.9 million for the same period in the prior year. The decrease is primarily attributable to lower clinical trial expenses, compensation and patent portfolio related expenses.

Selling, general and administrative expenses were $1.1 million for the three months ended September 30, 2010, compared to $1.7 million for same period in the prior year. The decrease was primarily attributable to lower product development and advertising costs associated with our Inherent Health™ brand of genetic tests incurred in the rollout of these tests in 2009 and lower administrative consulting and compensation expenses.

The Company reported a net loss from continuing operations of $1.4 million, or $(0.04) per basic and diluted common share, for the third quarter of 2010, compared to a loss from continuing operations of $2.6 million, or $(0.08) per basic and diluted shares for the same period in the prior year. On September 30, 2010, the Company had cash and cash equivalents of $5.2 million.

"We are pleased to show continued revenue driven by our Weight Management genetic test and sales of our new Wellness Select combination product," said Lewis H. Bender, CEO, Interleukin Genetics, Inc. "We are encouraged by the data from clinical programs we have undertaken in the fields of obesity, osteoarthritis and periodontal disease, and look forward to generating results for increased distribution and insurance rei
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SOURCE Interleukin Genetics, Inc.
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