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Interleukin Genetics' Q2 Revenues Decline

NEW YORK (GenomeWeb News) – Genetic test maker Interleukin Genetics reported after the close of the market Thursday that its second-quarter revenues fell 57 percent year over year due to lower contract research revenue.

The Waltham, Mass.-based firm generated total revenues of $222,993 for the three-month period ended June 30, down from total revenues of $521,619 for the second quarter of 2008. The company's contract service revenues fell sharply to $119,046 from $402,280, while its genetic testing service revenue increased to $95,309 from $90, 993.

Interleukin's net loss for the quarter was $3.7 million, or $.12 per share, more than double its net loss for Q2 2008 of $1.7 million, or $.05 per share.

Its R&D spending increased to $874,192 from $708,855, and its SG&A expenses climbed to $1.3 million from $1.2 million.

"We further executed on our key strategic objective, which is to grow our genetic testing business, by divesting the Alan James Group and signing a licensing partnership with LABEC Pharma for sales and distribution of our Heart Health product in Spain and Portugal," Interleukin CEO Lewis Bender said in a statement.

Interleukin Genetics finished the quarter with $851,526 in cash and cash equivalents. The firm noted that it also has $4.4 million in cash proceeds received on July 1 from the sale of its Alan James Group subsidiary.

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