Interleukin Genetics Begins Looking for Strategic Alternatives

Interleukin Genetics (OTCQB:ILIU) decided to fire 63 percent of their workforce, five employees, in an effort to “preserve capital” as it begins looking for alternative strategies for the company.
As quoted in the press release:

“While this decision was extremely difficult, it is important to preserve capital as we assess our options,” said Mark Carbeau, Chief Executive Officer of Interleukin Genetics. “I and the other Board members are personally grateful to our departing employees and the exceptional team members throughout the history of the Company who have advanced the contributions that Interleukin Genetics has made to precision medicine and to the advancement of inflammation science broadly.”
The Company was unable to secure a clinical services agreement satisfactory to Horizon Technology Finance, its senior lender, to extend deferral of its debt payment obligations to Horizon pursuant to the amendments made in April 2017 to the Company’s arrangements with Horizon. As part of the restructuring, the Company also announced that it is shutting down its ILUSTRA^TM Inflammation Management Program and will suspend test processing over the ensuing approximately two months. The Company is currently evaluating all strategic alternatives, including the potential sale of the company or any or all of its assets, another business combination or collaboration, and/or an orderly wind down and liquidation of the Company.

Click here to read the full press release.

Source: globenewswire.com