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Interleukin Genetics to Sell $5.6M in Stock, Warrants

NEW YORK (GenomeWeb) – Interleukin Genetics today announced that it has signed an agreement to sell roughly $5.6 million in stock and warrants to various accredited and institutional investors.

Under the terms of the private placement, the company will sell about 56.3 million shares of its common stock at a price of $.0994, as well as warrants to purchase the same number of shares, to a syndicate of existing investors that includes Bay City Capital, New Enterprise Associates, and Pyxis Innovations. Also participating are members of Interleukin's management team including Chairman James Weaver, CEO Mark Carbeau, President and CSO Kenneth Kornman, Interim CFO Stephen DiPalma, and Vice President Lynn Doucette-Stamm.

During midday trading on an over-the-counter exchange, shares of Interleukin were $.12.

Interleukin said that it will use the proceeds of the placement to accelerate commercialization of its proprietary genetic tests including PerioPredict, which is designed to identify individuals with an increased risk for severe and progressive periodontitis, as well as for general corporate and working capital purposes.