Interleukin Genetics Announces Strategic Divestment of Alan James Group

Thursday, 02 July 2009 05:44

WALTHAM, Mass. -- Interleukin Genetics, Inc. (NYSE Amex: ILI) announced today that on June 30, 2009 it executed an agreement to sell the Alan James Group assets of its subsidiary AJG Brands, Inc. to Pep Products, Inc., a subsidiary of Nutraceutical Corporation, for approximately $4.6 million in cash. The transaction was completed following the close of business on June 30th.

"While the Alan James Group business saw an increase in sales during the last fiscal year and we were able to introduce two new products to the market in the past seven months, this transaction allows us to focus our efforts on growing our core genetic testing business. The sale of AJG provides non-dilutive cash to continue development and promotion of our genetic testing services and products including our new brand of Inherent Health tests," said Lewis H. Bender , CEO, Interleukin Genetics.

About Interleukin Genetics

Interleukin Genetics, Inc. (NYSE Amex: ILI) develops and markets genetic tests, including its new brand of Inherent Health genetic test products that empower consumers to maintain health and wellness, and assists pharmaceutical companies in the development and marketing of targeted therapeutics. The Company leverages its research, intellectual property, and biomarker development experience to facilitate the emerging personalized health market. Interleukin Genetics is headquartered in Waltham, MA. For more information please visit www.ilgenetics.com.

BiomedReports is not paid or compensated to report news and developments about publicly traded companies. Full disclosure can be read at the bottom of / About Us / Section

Add this page to your favorite Social Bookmarking websites