The Medical Device Business Journal — Medical Device News & Articles | MassDevice
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Here’s a quick rundown of a few releases over the past couple days:
Cardica surges to Q1 profits
Cardica Inc. (NSDQ:CRDC) posted profits of $6.2 million, or 25 cents per share, on sales of $10.0 million during the three months ended Sept. 30. That compares with losses of $2.7 million, or 17 cents per diluted share, on sales of $947,000 during the same period last year.
Interleukin Genetics Inc. (OTC:ILIU) is no longer traded on the New York Stock Exchange, effective today.
The company transferred its common stock to the OTC:QB marketplace, a new tier of the Pink OTC Markets created in April to better distinguish securities that remain compliant with regulatory reporting requirements but do not meet listing criteria for other exchanges. The company’s ticker symbol, formerly ILI, is now ILIU.
Interleukin Genetics Inc. (AMEX:ILI) may be proving that going to the right college can get you ahead in life.
The Waltham, Mass.-based company more than doubled year-over-year revenue comparisons and cut its quarterly loss by more than half, posting a $1.4 million net loss on $573,000 in revenues during the three months ended June 30. Interleukin also beat analysts’ expectations with both its top- and bottom-line results.
The University of Michigan embarked on a study of Interleukin Genetics Inc.’s (NYSE:ILI) genetic test for severe periodontal disease.
The Waltham, Mass.-based company contracted the university’s School of Dentistry to conduct research using a dental claims database to discern whether risk factors, such as genetic information, can guide more successful intervention and so reduce the effects of periodontal disease, such as tooth loss, according to a press release.
The New York Stock Exchange warned Interleukin Genetics Inc. (NYSE:ILI) that it faces de-listing from the exchange for running afoul of its equity and profitability requirements.
The Waltham, Mass.-based genetic test maker said it received a letter June 24 from NYSE regulators informing it that “the Exchange intends to initiate proceedings to delist the Company’s common stock” for posting stockholders’ equity of less than $6 million and losses from continuing operations and/or net losses in its five most recent fiscal years.
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.
Interleukin Genetics Inc. (NYSE:ILI) drummed up about $5.3 million in commitments from institutional investors in a registered direct offering.
Interleukin Genetics Inc. (NYSE:ILI) and seven other firms were named in a patent infringement lawsuit filed by an Australian genetic testing company.
Genetic Technologies Ltd. of Victoria, Australia, asserts that Interleukin is one of eight companies violating a patent it holds for “Intron Sequence Analysis Method for Detection of Adjacent Locus Alleles as Haplotypes,” according to documents filed in the U.S. District Court for Western Wisconsin.
Beckman Coulter Inc. (NYSE:BEC) was also named in the suit, which alleges that each of the companies developed products that infringe on one or more claims held in U.S. Patent No. 5,612,179, which Genetic Technologies was granted in May 1997.
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.
Expect to see Interleukin Genetics Inc. (NYSE:ILI) on the hunt for additional money in coming months, after it signaled plans Jan. 6 to sell up to $75 million in new securities.
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.
