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Interleukin Raises $3M in Private Placement

NEW YORK (GenomeWeb News) – Interleukin Genetics today said it has completed a private placement with Delta Dental Plan of Michigan, resulting in an investment of $3 million.

The investment consists of 500,000 shares of Interleukin Series B convertible preferred stock. Each share is convertible into about 21.86 shares of common stock reflecting a conversion price of $.2745 per share. Delta also obtains one seat on Interleukin's board immediately, replacing one of the Series A directors.

BTIG acted as the exclusive placement agent on the placement.

Interleukin, a genetic test maker based in Waltham, Mass., expects net proceeds of $2.7 million from the transaction.