The announcement comes three weeks after Interleukin said it was laying off 63 percent of its workforce and suspending sales of a controversial genetic test.
Geneticists and periodontists point to financial conflicts, the lack of genetics knowhow, and regulatory gaps for the availability of a test they say should have never come to market.
The decisions are part of the company's restructuring efforts after it was unable to extend deferral of its debt payment with its senior lender.
The private placement will include a syndicate of existing investors, as well as members of the company's senior management.
The company continues to focus on the commercialization of its genetic test for identifying an increased risk of severe and progressive periodontitis.
Full-year revenues fell 22 percent, which the company said was due to a decrease in the number of kits being returned for processing.
The genetic testing firm is developing a plan to drive market adoption of its PerioPredict test for inflammation-related genes.
The FDA considers Interleukin Genetics' PerioPredict test and the DNA-CardioCheck test to be medical devices.
The company said its revenues decreased due to fewer weight management genetic test kits returned for processing through a promotional bundle program.
Using DNA to sketch crime victims might not be a great idea, the NYTimes says.
Science has its own problem with sexual harassment. What do we do with the research these abusers produce, Wired asks.
Senate Republicans led by Senator Rand Paul (R-KY) are trying to change how the government funds basic research, reports ScienceInsider.
In Science this week: combining genomics and ecology to better understand the effects of natural selection on evolution, and more.