Interleukin, cash strapped, eyes $75M offeringBoston Business Journal - by Craig M. Douglas
Interleukin Genetics Inc., a developer of genetics-based tests for the consumer market, has filed paperwork to sell up to $75 million in stock and debt.
The company did not break out specifics of the securities to be registered for sale, only noting that “we may offer shares of our common stock and preferred stock, various series of debt securities and/or warrants, rights or purchase contracts to purchase any of such securities” up to the dollar value indicated.
The company made the filing with the Securities and Exchange Commission Wednesday.
Based in Waltham, Mass., Interleukin’s products include swabs and related tools that enable people to collect genetic material as well as tests that monitor everything from nuitritional health to the onset of periodontal disease. The company said it plans to use the offering’s proceeds to support its operations and potentially address other financial obligations.
Interleukin (AMEX: ILI) had $1.4 million in cash and cash equivalents on its books as of Sept. 30, while its operations burned through $3.9 million in cash during the preceding nine months.
surf's up......crikey
