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Document Preview Interleukin Genetics Reports First Quarter Financial Results |
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Title: |
Interleukin Genetics Reports First Quarter Financial Results |
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Entities: |
Access Business Group International LLC; Interleukin Genetics, Inc.; Alticor Inc. |
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Date: |
2004 |
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Size: |
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Price: |
$35 |
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ID: |
#240955 |
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Interleukin Genetics Reports First Quarter Financial Results
WALTHAM, Mass.--(BUSINESS WIRE)--May 14, 2004--Interleukin
Genetics, Inc. (OTCBB: ILGN) a leader in the development of
personalized health products, today reported revenues of $645,000 and
net loss of $929,000 or $0.04 per basic and diluted share for the
quarter ended March 31, 2004.
Key Milestones Achieved During First Quarter of 2004:
In February 2004, the Company signed a Distribution agreement with
Access Business Group International LLC, a subsidiary of Alticor Inc.,
for a firm minimum order of DNA-based risk assessment tests to be
delivered in the first year of product launch. This minimum order,
together with other financial performance criteria, triggered a
milestone payment of $2,000,000 to the Company from Alticor.
Financial Results:
Revenues for the quarter were $645,000 compared to $29,000 in the
same quarter of 2003. This increase was due entirely to $637,000 in
research funding related to the research agreement with Alticor. For
the quarter, the Company reported a net loss of $929,000 or $0.04 per
basic and diluted share as compared to a net loss of $1,666,000 or
$0.07 per basic and diluted share for the same period last year.
"We expect 2004 to be a year during which we will make great
strides in transforming Interleukin from a research and development
company into an operating company," stated Dr. Philip R. Reilly, the
company's Chairman and CEO. "During this year, we expect to: 1)
advance the development of personalized nutritional products with
Alticor, 2) build a clinical laboratory to process the tests
associated with these personalized nutritional products, 3) continue
the development of additional DNA-based personalized products and 4)
continue the development of our science, both as part of our own
commercial strategy and in conjunction with Alticor."
Research and development expenditures were $381,000 in the quarter
ended March 31, 2004 compared to $872,000 in the quarter ended March
31, 2003. The decrease in R&D expenses reflects a re-allocation of
internal resources from internally-funded projects to the research
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