Attached files
| file | filename |
|---|---|
| 8-K - INTERLEUKIN GENETICS INC | v201902_8k.htm |
| EX-99.2 - INTERLEUKIN GENETICS INC | v201902_ex99-2.htm |
Exhibit
99.1
Interleukin
Genetics Reports Third Quarter 2010 Financial Results
WALTHAM,
MA — November 11, 2010 - 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 reimbursement for certain genetic
tests.”
3rd Quarter
Clinical Research Highlights
Periodontal
Disease
The
Company announced in August 2010 it would begin a 4,000 patient landmark
clinical study with the University of Michigan and Renaissance Health Service
Corporation that will evaluate risk factors predictive of periodontal disease
progression to tooth loss using a new version of Interleukin Genetics’ PST
genetic test. The clinical study conduced with the University of
Michigan and sponsored by Renaissance Health Services is using a large dental
claims database and is designed to test whether risk factors, including genetic
information, can guide more successful intervention and thus reduce the adverse
outcomes of periodontal disease, such as tooth loss.
Osteoarthritis
The
Company announced in September 2010 findings with the Thurston Arthritis
Research Center at the University of North Carolina at Chapel Hill from a large
clinical study to evaluate the role of genetic factors in osteoarthritis
progression. The study showed patients with radiographic evidence of knee
osteoarthritis who inherited a specific pattern of genetic variations in the
interleukin-1 receptor antagonist (IL-1Ra) gene were almost twice as likely to
progress to severe disease as other patients and validated results from a
previously announced clinical study. Results from the second study, which
followed 1,154 patients for up to 11 years, were presented at the fall World
Congress on Osteoarthritis in Brussels, Belgium.
Conference
Call and Webcast Information
Interleukin Genetics will host a
live conference call and webcast today at 4:30 p.m. EST to review the Company’s
new business developments and third quarter financial results. To
access the live call, dial (877) 324-1976 (domestic) or (631) 291-4550
(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. (OTCQB: ILIU) develops and markets a line of genetic tests under
the Inherent Health® brand. The products empower individuals to prevent
certain chronic conditions and manage their existing health and wellness through
genetic-based insights with actionable guidance. Interleukin Genetics leverages
its research, intellectual property and genetic panel development expertise in
metabolism and inflammation to facilitate the emerging personalized healthcare
market. Interleukin Genetics’ flagship products include its proprietary PST®
genetic risk panel for periodontal disease and tooth loss susceptibility sold
through dentists, and the Inherent Health Weight Management Genetic Test that
identifies the most effective diet and exercise program for an individual based
on genetics. Interleukin Genetics is headquartered in Waltham, MA and operates
an on-site, state-of-the-art DNA testing laboratory certified under the Clinical
Laboratories Improvements Act (CLIA). For more information please visit
www.ilgenetics.com.
Certain statements contained herein
are “forward-looking” statements, including statements regarding the potential for increased distribution and insurance
reimbursement for certain genetic tests. 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, those risks
and uncertainties described in the Company’s annual report on Form 10-K
for the year ended December 31, 2009 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.
FINANCIAL
HIGHLIGHTS
|
Balance Sheet Data :
|
September 30,
|
December 31,
|
||||||
|
2010
|
2009
|
|||||||
|
(Unaudited)
|
||||||||
|
Cash
and cash equivalents
|
$ | 5,202,022 | $ | 906,248 | ||||
|
Total
current assets
|
$ | 5,823,257 | $ | 1,315,991 | ||||
|
Total
assets
|
$ | 7,138,868 | $ | 3,069,463 | ||||
|
Total
current liabilities
|
$ | 1,665,153 | $ | 1,834,091 | ||||
|
Total
liabilities
|
$ | 12,665,153 | $ | 8,834,091 | ||||
|
Total
shareholders' deficit
|
$ | (5,526,285 | ) | $ | (5,764,628 | ) | ||
|
Total
liabilities and shareholders' deficit
|
$ | 7,138,868 | $ | 3,069,463 | ||||
|
Statement of Operations Data (Unaudited):
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Revenue:
|
||||||||||||||||
|
Genetic
testing service revenue
|
$ | 531,151 | $ | 119,309 | $ | 1,460,601 | $ | 352,130 | ||||||||
|
Contract
research revenue
|
- | 198,203 | - | 520,935 | ||||||||||||
|
Other
|
13,593 | 5,370 | 25,805 | 20,274 | ||||||||||||
|
Total
revenue
|
544,744 | 322,882 | 1,486,406 | 893,339 | ||||||||||||
|
Cost
of revenue
|
409,010 | 305,303 | 1,254,033 | 912,150 | ||||||||||||
|
Gross
profit (loss)
|
135,734 | 17,579 | 232,373 | (18,811 | ) | |||||||||||
|
Operating
costs and expenses:
|
||||||||||||||||
|
Research
and development
|
427,407 | 873,195 | 1,428,523 | 2,628,943 | ||||||||||||
|
Selling,
general and administrative
|
1,058,062 | 1,660,235 | 3,840,806 | 4,473,860 | ||||||||||||
|
Amortization
of intangibles
|
28,863 | 28,863 | 86,590 | 86,590 | ||||||||||||
|
Total
operating expenses
|
1,514,332 | 2,562,293 | 5,355,919 | 7,189,393 | ||||||||||||
|
Loss
from operations
|
(1,378,598 | ) | (2,544,714 | ) | (5,123,546 | ) | (7,208,204 | ) | ||||||||
|
Total
other income and (expense), net
|
(63,545 | ) | (40,219 | ) | (177,371 | ) | (98,458 | ) | ||||||||
|
Loss
from continuing operations
|
||||||||||||||||
|
before
income taxes
|
(1,442,143 | ) | (2,584,933 | ) | (5,300,917 | ) | (7,306,662 | ) | ||||||||
|
Income
taxes
|
- | - | - | - | ||||||||||||
|
Loss
from continuing operations
|
$ | (1,442,143 | ) | $ | (2,584,933 | ) | $ | (5,300,917 | ) | $ | (7,306,662 | ) | ||||
|
Income
(loss) from discontinued operations,
|
||||||||||||||||
|
net
of income taxes
|
- | 40,661 | 482,530 | (1,405,214 | ) | |||||||||||
|
Net
loss
|
$ | (1,442,143 | ) | $ | (2,544,272 | ) | $ | (4,818,387 | ) | $ | (8,711,876 | ) | ||||
|
Basic
and diluted net loss per
|
||||||||||||||||
|
common
share from:
|
||||||||||||||||
|
Continuing
operations
|
$ | (0.04 | ) | $ | (0.08 | ) | $ | (0.15 | ) | $ | (0.23 | ) | ||||
|
Discontinued
operations
|
0.00 | 0.00 | 0.01 | (0.04 | ) | |||||||||||
|
Net
loss
|
$ | (0.04 | ) | $ | (0.08 | ) | $ | (0.14 | ) | $ | (0.27 | ) | ||||
|
Weighted
average common shares outstanding,
|
||||||||||||||||
|
basic
and diluted
|
36,545,747 | 32,059,258 | 35,410,705 | 31,975,953 | ||||||||||||
# # #
Contacts:
Erin
Walsh
Interleukin
Genetics
781-419-4707
ewalsh@ilgenetics.com