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Interleukin Genetics' Q2 Revenues Flat

NEW YORK (GenomeWeb News) – Interleukin Genetics said after the close of the market on Tuesday that its revenues for the second quarter were essentially flat compared to the year-ago period.

The Waltham, Mass.-based genetic test developer said that during the three months ended June 30, it brought in revenues of $799,435, compared to $796,865 for Q2 a year ago. Genetic testing service revenue dipped slightly to $777,549 from $779,116 while other revenues increased to $21,886 from $17,749.

The company's R&D expenses decreased 12 percent to $317,440 from $359,799 a year ago, while SG&A spending was down 8 percent year over year to $1.2 million from $1.3 million.

Interleukin's net loss for the quarter was flat at $1.2 million, or $.03 per share, the same as in Q2 2011.

The company finished the second quarter with $3.8 million in cash and cash equivalents. Last month, Interleukin raised $3 million in a private placement. It said today that it has the financial resources to keep its operations running through at least Nov. 30. If the due date for a $1.3 million loan secured in April is extended beyond Nov. 30, its finances will be sufficient to maintain operations through Jan. 31, 2013, it added.