FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Press Releases / Read Press Release

Print

Interleukin Genetics Raises $10MM in Debt and Equity

December 29, 2014, 07:32 AM
Filed Under: Medical


Interleukin Genetics, Inc. has entered into a Securities Purchase Agreement with various accredited investors to raise gross proceeds of $5.0 million in a private placement financing. The syndicate is comprised of new and existing investors including two leading life sciences investment firms, New Enterprise Associates (NEA) and Bay City Capital.

Separately, Interleukin also entered into a venture loan and security agreement with Horizon Technology Finance Corporation under which the company has borrowed $5.0 million. In connection with the loan agreement, the Company has issued to Horizon warrants to purchase a total of 2,492,523 shares of common stock at a per share exercise price of $0.1003. The lender warrants have a term of  ten years. The company has agreed to repay the loan in 45 monthly payments, including an initial 15-month period of interest-only payments.

Net proceeds from the private placement and loan will be used primarily to accelerate commercialization of the Company’s proprietary genetic tests, including PerioPredict™, which identifies genetic variations that increase the risk for severe periodontal disease, and for general corporate and working capital purposes.

Interleukin Genetics, Inc. 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.







Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.