Tuesday, January 27, 2009

Interleukin Genetics puts forth compliance plan for NYSE

By Mass High Tech staff

Genetic biomarker test maker Interleukin Genetics Inc. reports that it has given a plan to the NYSE Alternext US LLC that covers its strategy for regaining compliance with the exchange’s listing requirements.

The NYSE had notified Waltham-based Interleukin Genetics (NYSE: ILI) in December that it was not in compliance with its guidelines and must take corrective action or face delisting. Interleukin 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.

If the new plan is accepted, Interleukin may be able to continue its listing up to June 23, 2010, during which time it will be subject to periodic review to ensure the company is making progress consistent with the plan. If the plan is not accepted by the exchange, Interleukin can appeal that ruling.

Interleukin Genetics reported a net loss of $6.95 million in 2007 on revenue of $4.7 million.