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Interleukin Genetics Raises $12M in Private Placement

NEW YORK (GenomeWeb News) – Genetic test development firm Interleukin Genetics today announced it raised $12 million in gross proceeds through a private placement with accredited investors.

The Waltham, Mass.-based firm said its sold about 43.7 million shares of its common stock at $0.2745 per share and issued warrants to purchase an aggregate of about 32.8 million shares of common stock at an exercise price of $0.2745 per share to the investors.

Prior to June 30, 2014, each investor can purchase its pro rata share of up to an aggregate of $5.0 million of additional shares of common stock and warrants, subject to approval by shareholders of an increase in the number of authorized shares of common stock.

Interleukin also said that prior to the closing of the private placement, Pyxis Innovations, the sole holder of Interleukin's Series A-1 Preferred Stock, converted all outstanding shares of Series A Preferred Stock into 28.2 million shares of common stock. Pyxis also converted all of Interleukin's outstanding convertible debt — about $14.3 million — into 2.5 million shares of common stock.

Additionally, Delta Dental Plan of Michigan, the sole holder of Interleukin's outstanding Series B Preferred Stock, converted all outstanding shares of Interleukin's Series B Preferred Stock into 10.9 million shares of common stock. Interleukin added that it no longer has any outstanding preferred stock or convertible debt.

Interleukin last week said that had $1.1 million in cash and cash equivalents as of the end of the first quarter, March 31, while revenues dropped 28 percent year over year.

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