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Print Edition StoriesThursday, July 2, 2009
Interleukin Genetics to sell AJG Brands unit
By Mass High Tech staff
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Interleukin Genetics Inc., a Waltham-based genetic biomarker test maker, plans to sell AJG Brands Inc. for $4.6 million to Nutraceutical Corp. subsidiary Pep Products Inc. Interleukin plans to use the profits of the sale to develop and grow its genetic testing services and products.
AJG Brands is a subsidiary of the company’s Alan James Group business, health-care products management company based in Boca Raton, Fla., which Interleukin acquired in August 2006 for $7.5 million. At the time, executives from both companies had said the combination of the two companies’ genetic testing services and preventive health care products distribution would help expand Interleukin’s science-based solutions portfolio, rapidly commercialize its products and services and offer a broad selection of innovative, preventive, and personalized therapeutics to its customers.
Last December, Interleukin received notification from the New York Stock Exchange that it was not in compliance with its guidelines. As a result, in January, the company submitted a plan to NYSE to regain compliance and avoid delisting.
Waltham-based Interleukin Genetics (AMEX: ILI) indicated a net loss of $6.7 million on total revenue of $10 million in 2008.
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