News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

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.

Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES