Key Developments: Interleukin Genetics Inc (ILIU.PK)
17 Apr 2014
Latest Key Developments (Source: Significant Developments)
Interleukin Genetics Inc announced that it has raised $12.0 million in gross proceeds through a private placement of its securities to accredited investors. Interleukin sold an aggregate of 43,715,847 shares of its common stock at a price of $0.2745 per share and issued warrants to purchase an aggregate of 32,786,885 shares of common stock at an exercise price of $0.2745 per share to the investors. Subject to future approval by Interleukin`s shareholders of an increase in the number of authorized shares of common stock, each investor has the right, prior to June 30, 2014, to purchase its pro rata share of up to an aggregate of $5,000,000 of additional shares of common stock and warrants on the same terms and conditions as those set forth above. Immediately prior to the closing of this transaction Pyxis Innovations Inc., the sole holder of Interleukin`s Series A-1 Preferred Stock, converted all outstanding shares of Series A-1 Preferred Stock into 28,160,200 shares of common stock and converted all of Interleukin`s outstanding convertible debt ($14,316,255) into 2,521,222 shares of common stock. BTIG, LLC acted as the exclusive placement agent for the transaction. Full Article
Interleukin Genetics Inc announced that Lewis H. Bender has resigned as Chief Executive Officer(CEO) and as a member of the Board of Directors, effective August 23, 2012, in order to pursue other business opportunities. The Board of Directors has appointed Kenneth S. Kornman, DDS, Ph.D., the Company's founder and current President and Chief Scientific Officer, as CEO and as a member of the Board of Directors. Dr. Kornman will also continue his duties as President and Chief Scientific Officer. Full Article
Interleukin Genetics, Inc. Completes $3,000,000 Private Placement With Delta Dental Plan of Michigan, Inc.
Interleukin Genetics, Inc. announced that it has completed a financing for $3,000,000 with Delta Dental Plan of Michigan, Inc. The investment consists of the purchase of 500,000 shares of the Company’s Series B convertible preferred stock. The Company expects to receive net proceeds of approximately $2.7 million after deducting fees and expenses. Each share of Series B preferred stock is convertible into approximately 21.86 shares of common stock reflecting a conversion price of $0.2745 per share. Delta Dental will obtain one board seat effective immediately replacing one of the Series A directors. BTIG LLC acted as the exclusive placement agent for the transaction. Full Article