NEW YORK (GenomeWeb News) – Interleukin Genetics reported after the close of the market Thursday that its first-quarter 2010 revenues increased 6 percent on a triple-digit increase for its genetic testing services.
The Waltham, Mass.-based genetic testing firm brought in total revenues of $368,710 for the three-month period ended March 31, compared to $347,464 for the first quarter of 2009. Its genetic testing service revenue increased 166 percent year over year to $365,911 from $137,511 for Q1 2009.
Lewis Bender, CEO of Interleukin Genetics, said that the increase "is testament to the strong interest and growth potential for meaningful genetic tests that are packaged with understandable and actionable guidance backed by solid clinical evidence."
The firm's primary product is its Weight Management Genetic Test product, though it is developing others.
Interleukin's net loss for the quarter dropped 20 percent to $2 million, or $.06 per share, from $2.5 million, or $.08 per share, for the first quarter of 2009. The 2009 loss includes a $100,000 charge related to discontinued operations.
The firm's R&D expenses fell to $560,202 from $881,556, while its SG&A spending declined to $1.3 million from $1.5 million.
Interleukin Genetics finished the quarter with $6.1 million in cash and cash equivalents, which includes $4.9 million that it raised in a registered direct offering in March.