Interleukin Genetics second-quarter net loss from continuing operations decreases to $1.9 million

Interleukin Genetics, Inc. (NYSE Amex: ILI) today announced financial and operational results for the second quarter ended June 30, 2010.

Revenue from continuing operations for the three months ended June 30, 2010 was $0.6 million compared to $0.2 million for the same period in the prior year. The increase was primarily attributable to an increase in sales of our Inherent Health® brand of genetic tests offset by lower contract research revenue.

"We're pleased that Interleukin Genetics has continued to see strong revenue growth in the second quarter of 2010 from sales of our Inherent Health brand of genetic tests. We are also encouraged by the continued sales momentum of the weight management test and by interest from companies, physician groups and weight clinics in incorporating the test into their businesses," said Lewis H. Bender, CEO. "This quarter we also launched our new Wellness Select product that provides customers the opportunity to obtain results from any combination of our tests using just one simple kit.  We remain optimistic at the long-term outlook for the Company as we continue to work towards forming partnerships that will enhance adoption of our products in markets with large, unmet needs."

Research and development expenses from continuing operations were $0.4 million for the three months ended June 30, 2010 compared to $0.9 million for the same period in the prior year. The decrease is primarily attributable to the completion in 2009 of reimbursable research projects with Alticor, Inc. In addition, we continue to allocate resources to the development of our own genetic test products.

Selling, general and administrative expenses from continuing operations were $1.5 million for the three months ended June 30, 2010, compared to $1.3 million for the same period in the prior year.  The increase was primarily attributable to legal expenses offset by decreases in promotion and product development costs associated with our Inherent Health brand of genetic tests.

The Company reported a net loss from continuing operations of $1.9 million, or $(0.05) per basic and diluted common share, for the second quarter of 2010, compared to a loss of $2.3 million, or $(0.07) per basic and diluted share for the same period in the prior year. The Company recorded income from discontinued operations of $0.5 million or $0.01 per basic and diluted common share compared to a net loss from discontinued operations of $1.4 million or $(0.05) per basic and diluted share for the same period in the prior year. The Company reported a total net loss of $1.4 million, or $(0.04) per basic and diluted common share, for the second quarter of 2010 compared to $3.7 million or $(0.12) per basic and diluted share for the same period in the prior year. On June 30, 2010, the Company reported cash and cash equivalents of $4.3 million. In addition to cash on hand, the Company has access to $5.3 million under its credit facility with Pyxis Innovations, Inc., an affiliate of Alticor, Inc.

With respect to the Company's continued listing on the NYSE Amex (the "Exchange"), despite the Company's significant attempts to regain compliance with the Exchange's requirement that it reach and maintain stockholders' equity of not less than $6 million, the Company does not believe that it can regain compliance with the applicable stockholders' equity requirement by the time of its scheduled hearing date later this month.  Therefore, the Company expects that any further appeal of the Exchange's determination would not be successful.  Accordingly, the Company has withdrawn its appeal of the Exchange's delisting determination.  As a result, the Company expects that its common stock will be suspended from the Exchange effective with the open of business on Monday, August 16, 2010. The Company has been advised that its common stock will be immediately eligible for quotation on the OTCQB™ Marketplace following cessation of listing on the Exchange.  The Company's trading symbol will be changed effective with the transfer to the OTCQB. The Company intends to publicly announce the new trading symbol promptly following the assignment of the symbol.

Source:

Interleukin Genetics, Inc.

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
Post a new comment
Post

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

You might also like...
Unraveling gene regulation's role in pulmonary fibrosis