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WALTHAM, Mass., Nov. 12, 2015 (GLOBE NEWSWIRE) -- Interleukin Genetics, Inc. (OTCQB:ILIU) today announced financial and operational results for its fiscal third quarter of 2015, ended September 30, 2015.
"Since joining Interleukin Genetics in April, I have been focused on developing a strategic and operational plan that will lay the groundwork for driving market adoption of PerioPredict®, our genetic test that identifies individuals with a life-long predisposition to over-produce inflammation. Elevated inflammation is implicated in numerous chronic diseases. " said Mark B. Carbeau, Chief Executive Officer of Interleukin Genetics.
"We are encouraged by the reception of our enhanced positioning that outlines medical value for managing inflammation through practical dental interventions", Mr. Carbeau continued. "Medical studies now document the role of systemic inflammation in driving serious chronic diseases such as diabetes, cardiovascular disease and periodontitis. Studies also document that preventive dental care and treatment of periodontitis lower systemic inflammatory burden, and that these dental treatments provide substantial medical cost savings for patients with certain chronic diseases. PerioPredict helps identify and engage high risk patients who will benefit from these interventions. Our demand generation efforts are being focused initially on large employers and insurance carriers; we continue to make progress on both fronts."
"We are also utilizing our expertise in interleukin-1 genetics to develop high-value, next-generation genetic tests that leverage our intellectual property and the growing interest in IL-1 biology," continued Mr. Carbeau. "We are exploring the utility of our test panels to help physicians better manage cardiovascular disease patients, and are in discussions with pharmaceutical and biotech companies to provide clinical testing and to develop companion diagnostics for drug candidates in this area."
2015 Year to Date Highlights
Third Quarter 2015 Financial Results
Total revenues for the third quarter ended September 30, 2015, were $296,000 compared to $472,000 for the same period in 2014. The change in total revenue is largely attributable to a decrease in the Company's genetic test kits returned for processing related to the Company's sales through Access Business Group's promotional product bundle program.
Research and development (R&D) expenses for the third quarter ended September 30, 2015, were $412,000 compared to $242,000 for the same period in 2014. The increase is primarily attributable to increased compensation due to annual salary increases for existing staff, and other expenses relating to Dr. Kornman moving to the R&D department from the Selling, General and Administrative (SG&A) area in April 2015.
SG&A expenses for the third quarter ended September 30, 2015, were $1.4 million compared to $1.3 million for the same period in 2014. The increase is primarily attributable to compensation and other employee expenses as well as higher consulting costs.
Net loss for the third quarter ended September 30, 2015, was $2.0 million or $(0.01) per basic and diluted common share compared to $1.5 million or $(0.01) per basic and diluted common share for the same period in 2014.
Cash and cash equivalents at September 30, 2015, were $6.3 million, which management believes is sufficient to fund the Company's operations into the second half of 2016.
The PerioPredict® genetic test is quick, easy and painless and is performed under the direction of a dental or medical professional. PerioPredict® measures variations in genes for Interleukin-1 (IL-1) to identify individuals with a life-long predisposition to overproduce inflammation who will benefit from increased dental care to prevent or treat periodontitis to lower systemic inflammatory burden. PerioPredict® is run solely in the Interleukin Genetics CLIA-certified lab in Waltham, Mass. For more information, please visit www.PerioPredict.com.
About Interleukin Genetics
Interleukin Genetics, Inc. (OTCQB:ILIU) develops and markets proprietary genetic tests for chronic diseases and health-related conditions. 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. The Company markets its tests through healthcare professionals, partnerships with health and wellness companies, and other distribution channels. Interleukin Genetics' lead products include its proprietary PerioPredict® genetic risk panel for periodontal disease and tooth loss susceptibility available through dentists, and the Inherent Health® Weight Management Genetic Test that identifies the most effective diet 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 Laboratory Improvement Amendments (CLIA). For more information, please visit www.ilgenetics.com.
Certain statements contained herein are "forward-looking" statements, including statements that there is potential value in expanding the application of the Company's expertise in interleukin-1 genetics to collaborate with pharmaceutical firms to support the development of drug candidates that block interleukin-1, that the Company's expanded activities with medical and dental carriers to initiate demonstration programs could lead to broader program adoption, that the Company's genetic tests may provide physicians and pharmaceutical and medical device companies with novel genetic information to identify high-risk patients and develop personalized treatment options, and that cash and cash equivalents as of September 30, 2015, are sufficient to fund the Company's operations into the second half of 2016. 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, 2014, 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.|
|Balance Sheet Data||September 30,||December 31,|
|Cash and cash equivalents||$ 6,270,644||$ 11,466,807|
|Total current assets||$ 7,007,273||$ 12,180,658|
|Total assets||$ 7,902,830||$ 13,267,121|
|Total current liabilities||$ 3,957,234||$ 4,011,650|
|Total liabilities||$ 8,748,125||$ 8,750,264|
|Total shareholders' equity/(deficit)||$ (845,295)||$ 4,516,857|
|Total liabilities and shareholders' deficit||$ 7,902,830||$ 13,267,121|
|Statement of Operations Data||Three Months Ended Sep 30,||Nine Months Ended Sep 30,|
|Genetic testing service revenue||$ 248,873||$ 439,400||$ 921,610||$ 1,342,947|
|Cost of Revenue||323,136||358,578||985,732||1,115,095|
|Gross profit (loss)||(27,138)||113,573||89,529||373,217|
|Operating costs and expenses:|
|Research and development||411,902||242,142||978,970||666,839|
|Selling, general and administrative||1,413,702||1,305,583||4,631,718||4,338,245|
|Amortization of intangibles||19,414||23,525||58,242||70,575|
|Total operating expenses||1,845,018||1,571,250||5,668,930||5,075,659|
|Loss from operations||(1,872,156)||(1,457,677)||(5,579,401)||(4,702,442)|
|Total other income and (expense), net||(153,354)||911||(456,089)||4,511|
|Loss from continuing operations before income taxes||(2,025,510)||(1,456,766)||(6,035,490)||(4,697,931)|
|Loss from continuing operations||$ (2,025,510)||$ (1,456,766)||$ (6,035,490)||$ (4,697,931)|
|Income from discontinued Operations, net of income taxes||--||--||--||--|
|Net loss||$ (2,025,510)||$ (1,456,766)||$ (6,035,490)||$ (4,697,931)|
|Basic and diluted net (loss) income per common share from:|
|Continuing operations||$ (0.01)||$ (0.01)||($0.03)||($0.04)|
|Net loss||$ (0.01)||$ (0.01)||($0.03)||($0.04)|
|Weighted average common shares outstanding, basic and diluted||172,841,047||122,548,292||172,788,286||122,515,671|
CONTACT: Investor Relations Contact: Hans Vitzthum LifeSci Advisors, LLC. (212) 915-2568 firstname.lastname@example.orgSource:Interleukin Genetics, Inc.