SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
Of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 9, 2002
INTERLEUKIN GENETICS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-23413 94-3123681
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
135 Beaver Street, Waltham, MA 02452
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(Address of principal executive offices)
Registrant's telephone number, including area code: (781) 398-0700
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Item 5. Other Events.
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On October 9, 2002, Interleukin Genetics, Inc. publicly disseminated a
press release announcing that the Company has received a NASDAQ delisting
letter.
The information contained in the press release is incorporated herein by
reference and filed as Exhibit 99.1 hereto
Item 7. Financial Statements and Exhibits.
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(c) Exhibit
99.1 Press Release dated October 9, 2002
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INTERLEUKIN GENETICS, INC.
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(Registrant)
Date: October 9, 2002 s/s Fenel M. Eloi
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Fenel M. Eloi, Chief Operating Officer,
Chief Financial Officer, Treasurer and
Secretary and Treasurer
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Exhibit 99.1
Interleukin Genetics, Inc. Receives Nasdaq Delisting Notice, Files
Request for Hearing and is Negotiating Interim Financing
WALTHAM, Mass.--(BUSINESS WIRE)--Oct. 9, 2002--Interleukin
Genetics, Inc. (NASDAQ:ILGN), today announced that it has received a
letter from NASDAQ stating that the Company has not met the $1 minimum
bid price and the $2.5 million stockholders' equity requirements for
continued listing of its common stock on the NASDAQ SmallCap Market
(Marketplace Rules 4310(c)(4) and 4310(c)(2)(B)).
Interleukin Genetics has requested a hearing before the NASDAQ
Listing Qualifications Panel to appeal the ruling by NASDAQ. During
the appeals process, which the Company expects will take between 30
and 60 days, the Company's common stock will continue to trade on the
NASDAQ SmallCap Market. There can be no assurance that the Panel will
grant the Company's request for continued listing. In the event that
the Panel does not grant continued listing, the Company expects that
its common stock would trade on the OTC Bulletin Board (OTCBB). The
OTCBB is a regulated quotation service that displays real-time quotes,
last-sales prices, and volume information for more than 3,600 equity
securities.
Interleukin Genetics also announced today that it is in the final
stages of negotiating a $1.5 million interim financing from the same
consumer products company with which the company has an outstanding
Letter of Intent per the press release on September 3, 2002. Although
the interim financing may not be consummated, management currently
expects to complete this financing within the next week, at which time
the Company will have sufficient cash to meet its operating
requirements through January 2003. The Company is continuing
negotiations with that same consumer products company towards a
definitive strategic alliance and is seeking further financing from
other third parties to fund its operations through 2003 and beyond.
ABOUT INTERLEUKIN GENETICS
Interleukin Genetics is a biotechnology company focused on
inflammation. The company uses functional genomics to develop
diagnostic, therapeutic and nutraceutical products based on the
genetic variations in people to help prevent or treat diseases of
inflammation. Interleukin's TARxGET (Translating Advanced Research in
Genomics into more Effective Therapeutics) programs focus on the areas
of cardiovascular disease, rheumatoid arthritis and osteoporosis and
include the development of tests to assess a person's risk for heart
disease and osteoporosis as well as a test to help doctors and
patients choose the best course of therapy for rheumatoid arthritis.
These products will improve patient care and produce better allocation
of healthcare resources. In addition to its research partnerships with
numerous academic centers in the U.S. and Europe, Interleukin's
corporate collaborators include the leading healthcare organizations,
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Kaiser Permanente and UnitedHealth Group. For more information about
Interleukin and its ongoing programs, please visit
http://www.ilgenetics.com.
Certain statements contained herein are "forward-looking"
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995) including statements regarding the
expectations about our future growth and operating results, our
ability to develop and commercialize our products, entering into one
or more strategic alliances on favorable terms with well-funded
partners, our ability to enter into the planned interim financing
arrangement within the next week, the sufficiency of our current
resources to fund operations through October, the sufficiency of the
proceeds from our planned interim financing to fund operations through
January 2003, our efforts to obtain additional financing through 2003
and our ability to remain listed on the NASDAQ SmallCap Market or
begin trading on the OTC Bulletin Board. 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, possible delisting of our common stock from
the NASDAQ SmallCap market, our ability to raise necessary capital,
complete clinical research and data analysis, meet expectations about
operating through October without additional financing and through
January 2003 with the proceeds from the planned interim financing,
meet clinical studies' endpoints, complete one or more strategic
alliances, risk of market acceptance of our products, risk of
technology and products obsolescence, delays in development of
products, reliance on partners, competitive risks and those risks and
uncertainties described in our Form 10-Q for the quarter ended June
30, 2002, as filed on August 19, 2002, and in other filings we have
made with Securities and Exchange Commission. We disclaim any
obligation to update these forward-looking statements.
CONTACT: Interleukin Genetics, Inc.
Sharon Leibowitz, 781/398-0700
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