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Interleukin Genetics Receives NYSE Non-Compliance Notice

NEW YORK (GenomeWeb News) – Interleukin Genetics said Friday that it has received notification from the New York  Stock Exchange Alternext that the firm is not in compliance with certain listing criteria.

Specifically, the firm’s stockholders' equity is less than $6 million and it has reported losses from continuing operations and net losses in its five most recent fiscal years.

The company has a right to submit a plan of compliance to the exchange by Jan. 23, advising the exchange of what steps it has taken or intends to take to regain compliance with listing standards by June 23, 2010. If the exchange accepts the plan, Interleukin would continue to list on the Alternext. However, If the firm fails to submit such a plan, the plan is not accepted, it does not make progress toward compliance consistent with the plan, or is not in compliance at the end of the plan period, then it may be subject to delisting proceedings.

Interleukin said that it has begun developing its plan to regain compliance and intends to make a timely submission to the exchange in which it will outline the actions and timeframe by which it intends to regain listing compliance.