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Near Death, Interleukin Genetics Secures $500K in New Financing

NEW YORK, Jan. 30 - Interleukin Genetics today said it has secured $500,000 in interim financing, extending its lifespan through the end of February.

 

The firm said Pyxis Innovations, a sister company to consumer products giant Amway, had bought a fourth $500,000 promissory note. Three others were sold in the fall of last year. Each accrues interest at the rate of 15 percent annually, and will mature Dec. 31.

 

Interleukin Genetics has been struggling to bring in enough cash to stay afloat. The company reported $80,000 in revenues and a $1.4 million net loss for the third quarter of 2002, and held only $508,000 in cash and cash equivalents at the end of September 2002. It was delisted from the Nasdaq in December 2002.

 

Pyxis Innovations, a division of Alticor, develops nutrition, beauty and wellness products for Alticor, the parent company of Amway. Interleukin Genetics, based in Waltham, Mass., is focused on developing therapeutics, diagnostics and nutriceutical products for inflammation.

 

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