Interleukin Genetics Inc. (ILGN) Completes $3,000,000 Private Placement with Its Strategic Partner, Delta Dental Plan of Michigan
7/2/2012 10:13:37 AM
WALTHAM, Mass.--(BUSINESS WIRE)--Interleukin Genetics, Inc. (OTCQB: ILIU) which is pioneering the use of genetic testing for the prevention and improved management of certain chronic conditions, today announced that it has completed a financing for $3,000,000 with Delta Dental Plan of Michigan, Inc. The investment consists of the purchase of 500,000 shares of the Company’s Series B convertible preferred stock. The Company expects to receive net proceeds of approximately $2.7 million after deducting fees and expenses. Each share of Series B preferred stock is convertible into approximately 21.86 shares of common stock reflecting a conversion price of $0.2745 per share. Delta Dental will obtain one board seat effective immediately replacing one of the Series A directors. BTIG LLC acted as the exclusive placement agent for the transaction.
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