Labec Pharma S.L. met European regulatory guidelines to sell a test made by Interleukin Genetics Inc. (NYSE:ILI) designed to predict the risk of heart attack.
Waltham, Mass.-based Interleukin said its Heart Health genetic test will be marketed to physicians in Spain and Portugal under the Cardio Health brand. Samples will be processed at Interleukin’s lab in Waltham and the company will receive royalties and processing fees for each test sold by Madrid-based Labec.
Sales of the test are expected to begin this month. The genetic test is designed to identify variations that can lead to overproduction of chemicals that cause inflammation, according to a press release.
"Individuals with certain interleukin genotypes have a statistically significant risk above standard risk factors for heart attack over those individuals without these genetic patterns," according to the press release.
In December, Interleukin launched another diagnostic test designed to detect genetic patterns associated with osteoporosis. The Bone Health Genetic Test, made by Interleukin’s Inherent Health subsidiary, determines a patient’s risk for developing vertebral fractures and low bone mineral density.
The preliminary prospectus does not commit the Waltham, Mass.-based genetic test maker to a specific timetable for the proposed securities offerings and also does not indicate how company officials would spend proceeds from any of those sales.
Simply funding ongoing operations is a likely goal, however. Interleukin finished the three months ended Sept. 30, 2009, with only $1.4 million in cash and equivalents after posting a $2.5 million net loss during the quarter. The company borrowed another $2 million from Pyxis Innovations Inc., its largest shareholder, on Nov. 9, 2009, and has only until March 31, 2010, to access some or all of the $7.3 million still available under the credit facility with Pyxis.