WALTHAM, Mass., May 12, 2011 /PRNewswire/ -- Interleukin Genetics, Inc. (OTCQB: ILIU) today announced financial and operational results for the first quarter ended March 31, 2011.
Total revenue for the three months ended March 31, 2011 was $0.7 million compared to $0.4 million for the same period in the prior year. The increase was attributable to greater genetic test revenue.
Research and development expenses were $0.3 million for the three months ended March 31, 2011, compared to $0.4 million for the same period in the prior year. The decrease is primarily attributable to lower compensation and administrative costs offset by increased consulting and clinical trial expenses.
Selling, general and administrative expenses were $1.2 million for the three months ended March 31, 2011, compared to $1.4 million for same period in the prior year. The decrease was primarily attributable to lower compensation and corporate administrative expenses offset by increased patent-related legal fees and sales commissions paid to Amway.
The Company reported a net loss of $1.3 million, or $(0.03) per basic and diluted common share, for the first quarter of 2011, compared to a loss of $2.0 million, or $(0.06) per basic and diluted share for the same period in the prior year. On March 31, 2011, the Company had cash and cash equivalents of $2.8 million.
"We are pleased to show continued revenue growth primarily driven by partnerships for our Weight Management Genetic Test and Wellness Select combination product as well as the sales from our international partners including Labec Pharma," said Lewis H. Bender, CEO, Interleukin Genetics, Inc. "The enrollment in our large clinical study with Renaissance Health and the University of Michigan is proceeding and we look to publish results from our weight management genetic research in an effort to further increase test sales."
Conference Call and Webcast Information
InterleukinGenetics will host a live conference call and webcast today at 4:30 p.m. EDT to review the Company's new business developments and first 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 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, Mass. 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 regarding the potential for increased test sales. 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, 2010 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 : (Unaudited) | March 31, | December 31, | |||
2011 | 2010 | ||||
Cash and cash equivalents | $ 2,841,057 | $ 3,999,029 | |||
Total current assets | $ 3,540,743 | $ 4,752,790 | |||
Total assets | $ 4,661,693 | $ 5,975,000 | |||
Total current liabilities | $ 1,495,890 | $ 1,633,096 | |||
Total liabilities | $ 12,495,890 | $ 12,633,096 | |||
Total shareholders' deficit | $ (7,834,197) | $ (6,658,096) | |||
Total liabilities and shareholders' deficit | $ 4,661,693 | $ 5,975,000 | |||
Statement of Operations Data (Unaudited): | Three Months Ended March 31, | ||||
2011 | 2010 | ||||
Revenue: | |||||
Genetic testing revenue | $ 719,447 | $ 365,911 | |||
Other | 38 | 2,799 | |||
Total revenue | 719,485 | 368,710 | |||
Cost of revenue | 357,589 | 413,407 | |||
Gross profit (loss) | 361,896 | (44,697) | |||
Operating costs and expenses: | |||||
Research and development | 304,820 | 416,996 | |||
Selling, general and administrative | 1,202,454 | 1,426,271 | |||
Amortization of intangibles | 28,863 | 28,863 | |||
Total operating expenses | 1,536,137 | 1,872,130 | |||
Loss from operations | (1,174,241) | (1,916,827) | |||
Total other income and (expense), net | (81,470) | (66,307) | |||
Loss before income taxes | (1,255,711) | (1,983,134) | |||
Income taxes | - | - | |||
Net loss | $ (1,255,711) | $ (1,983,134) | |||
Basic and diluted net loss per common share | $ (0.03) | $ (0.06) | |||
Weighted average common shares outstanding, | |||||
basic and diluted | 36,618,010 | 33,139,173 | |||
Contacts:
For public relations in the U.S. contact:
Jon Siegal
Director
Schwartz Communications, Inc.
230 Third Avenue
Waltham, Mass. 02451
(781) 684-0770
For investor relations contact:
Eliot M. Lurier
Chief Financial Officer
Interleukin Genetics
135 Beaver Street
Waltham, Mass. 02452
(781) 398-0700
SOURCE Interleukin Genetics, Inc.
