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Print Edition StoriesMonday, December 29, 2008
Interleukin told it is out of NYSE compliance
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The NYSE Alternext US LLC stock exchange has notified Waltham-based Interleukin Genetics Inc. that the company is not in compliance with its guidelines and must take corrective action or face delisting.
Interleukin Genetics (NYSE: ILI), a developer of genetic tests for personalized health care, said that the notice was triggered after the NYSE Alternext US reviewed the company’s quarterly 10-Q report for the quarter ending on Sept. 30, 2008.
The exchange noted that Interleukin Genetics stockholders’ equity is $5.9 million, which is under the $6 million threshold. Additionally, it has sustained losses from continuing operations as well as net losses in its five most recent fiscal years.
Interleukin Genetics may submit a compliance plan by Jan. 23, notifying the exchange of what actions it will take to be in line with the listing standards. If the exchange accepts the plan, Interleukin Genetics would then have until June 23, 2010 to execute the plan and still remain listed, pending periodic progress reviews.
Barring the submission of an acceptable plan, the company may face delisting proceedings. However, Interleukin Genetics stated it has already started the process of regaining compliance and has notified the exchange that it is doing so.
Interleukin Genetics reported a net loss of $6.95 million in 2007 on revenue of $4.7 million.
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