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Interleukin Genetics Reports Third Quarter 2014 Financial ResultsWALTHAM, Mass. --(Business Wire)-- Interleukin Genetics, Inc. (OTCQB:ILIU) today announced financial and operational results for the third fiscal quarter ended September 30, 2014. "During the third quarter, we gained additional visibility and positive recognition among important influencers in dentistry and molecular diagnostics by participating in several key conferences, including the American Dental Association annual meeting, the American Academy of Periodontology annual meeting and the BTIG Inaugural Emerging Technologies in Healthcare Diagnostics Symposium," said Dr. Kenneth Kornman, Chief Executive Officer of Interleukin Genetics. "We recognize the need to both increase utilization of PerioPredict™ among covered patients, while increasing the number of insurance payors who will cover this innovative genetic test. To that end, we continue to educate dental offices about the benefits of the test, and continue to advance discussions with several prominent dental insurance providers who are considering adding PerioPredict™ to their list of covered services. PerioPredict™ has been shown to be an effective tool to identify an individual's risk for developing severe periodontal disease, which helps dental offices improve and personalize patient care, which will provide better health and reduce long-term costs. Third Quarter 2014 Financial Results Revenues for the quarter ended September 30, 2014, were $472,000, compared to $419,000 for the same period in 2013. The increase in total revenue is primarily attributable to the addition of breakage revenue and international sales royalties in 2014 and revenues from the PerioPredict™ test, offset in part by a reduction in revenues from the Inherent Health product lines. Research and development expenses for the quarter ended September 30, 2014, were $242,000, compared to $161,000 for the same period in 2013. The increase is primarily attributable to increased compensation related to employee annual salary performance increases as well as separation payments. Selling, general and administrative expenses for the quarter ended September 30, 2014, were $1.3 million, compared to $2.0 million for the same period in 2013. The decrease is primarily attributable to decreased expenses related to marketing activities for our PerioPredict™ test, decreased consulting and professional expenses and lower sales commissions paid to Amway Global as part of our Merchant Network and Channel Partner (News - Alert) Agreement. Net loss for the quarter ended September 30, 2014, was $1.5 million, or $(0.01) per basic and diluted common share, compared to $2.2 million or $(0.02) per basic and diluted common share for the same period in 2013. Cash and cash equivalents were $2.6 million as of September 30, 2014, which is sufficient to fund the Company's operations through February 2015. Third Quarter 2014 Highlights
Conference Call and Webcast Information Interleukin Genetics, Inc. will host a live conference call and webcast today at 8:30 a.m. EDT. To access the live call, dial 877-324-1976 (domestic) or 631-291-4550 (international). The live webcast will be available at the Investors section of the Company's website, www.ilgenetics.com. The webcast will be archived following the call at www.ilgenetics.com. About Interleukin Genetics Interleukin Genetics, Inc. (OTCQB: ILIU) develops and markets proprietary genetic tests for chronic diseases and health related conditions. The products empower individuals to prevent certain chronic conditions and manage their existing health and wellness through genetic-based insights with actionable guidance. Interleukin Genetics leverages its research, intellectual property and genetic panel development expertise in metabolism and inflammation to facilitate the emerging personalized healthcare market. The Company markets its tests through partnerships with health and wellness companies, healthcare professionals and other distribution channels. Interleukin Genetics' flagship products include its proprietary PerioPredict™ genetic risk panel for periodontal disease and tooth loss susceptibility sold through dentists, and the Inherent Health Weight Management Genetic Test that identifies the most effective diet and exercise program for an individual based on genetics. Interleukin Genetics is headquartered in Waltham, MA and operates an on-site, state-of-the-art DNA testing laboratory certified under the Clinical Laboratories Improvements Act (CLIA). For more information please visit www.ilgenetics.com. Certain statements contained herein are "forward-looking" statements, including statements related to the need to both increase utilization of PerioPredict™ among covered patients, while increasing the number of insurance payors who cover the test and the sufficiency of cash and cash equivalents as of September 30, 2014 to fund the Company's operations through February 2015. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those risks and uncertainties described in the Company's annual report on Form 10-K for the year ended December 31, 2013 and other filings with the Securities and Exchange Commission. The Company disclaims any obligation or intention to update these forward-looking statements.
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