Interleukin Genetics Inc. (NYSE:ILI) named a venture capital veteran, William Mills III, to its board of directors.
Mills will replace the Waltham, Mass.-based company’s founder, president and chief scientific officer Ken Kornman if shareholders approve his election at the company’s annual meeting June 17. His resumé includes stints at The Venture Capital Fund of New England, PaineWebber Ventures/Ampersand Ventures, EGS Healthcare Capital Partners, Advent International and Ascension Health Ventures, where he’s a member of the board of managers.
CEO Lewis Bender said in prepared remarks that Mills’ experience would be "invaluable" as the company seeks out new commercial partnerships.
If shareholders approve the appointment, Mills will be granted options on 15,000 shares of Interleukin stock, vesting in four equal, annual installments starting a year from the date of his appointment, according to a securities filing. Interleukin shares were trading at 63 cents, down 5.8 percent, in mid-afternoon trading.
Mills, who’s also on the board of St. Louis-based catheter navigation system maker Stereotaxis Inc. (NSDQ:STXS), will also serve on the company’s audit and compensation committees.
Interleukin didn’t provide a reason for Kornman stepping down from the board. An Interleukin representative did not immediately return a call seeking comment.
Last month, the company drummed up about $5.3 million in commitments from institutional investors in a registered direct offering.