Interleukin Genetics,Inc. (OTCMKTS:ILIU) Files An 8-K Costs Associated with Exit or Disposal Activities
ITEM 2.05
|
Costs Associated with Exit or Disposal Activities. |
The information set forth under Restructuring and Forward-Looking
Statements set forth in Item 8.01 is hereby incorporated by
reference into this Item 2.05.
| ITEM 8.01 | Other Events |
Restructuring
On March 27, 2017, the Board of Directors of Interleukin
Genetics, Inc. (the Company) approved a work force restructuring,
which became effective and was completed on March 30, 2017, to
better utilize the Companys resources, to align the Companys
organization to support its emerging cardiovascular testing
program, for which it is seeking strategic interest, and to
streamline its commercial strategy for its ILUSTRA Inflammation
Management Program. As a consequence of the restructuring, the
Company reduced its workforce in its commercial organization and
administrative functions by eight persons. The Company will
continue to support ILUSTRA program deployments with customers
and will advance new customer relationships that expand the
evidence base of its program effectiveness. As a result of the
restructuring, the Company expects to incur aggregate expenses of
approximately $58,000, consisting of (i) approximately $34,000 in
cash severance payments and (ii) approximately $24,000 in accrued
vacation payments. The Company expects that the restructuring
will result in approximately $948,000 in reduced annualized
operating expenses when fully implemented.
Delayed Filing of Annual Report on Form 10-K for the
year ended December 31, 2016
The Company also expects to file with the Securities and Exchange
Commission (the SEC) a Form 12b-25 Notification of Late Filing
relating to its Annual Report on Form 10-K for the year ended
December 31, 2016 (the Form 10-K), as it is unable to file the
Form 10-K by its March 31, 2017 due date. to SEC regulations, the
Company will have until April 17, 2017 to timely file its Form
10-K.
Forward-Looking Statements
Any statements in this Form 8-K about the Companys future
expectations, plans and prospects, including statements about its
strategy, future operations, financial obligations, expected
impact of the restructuring, and other statements containing the
words believes, anticipates, plans, expects, and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including those discussed in the Risk Factors section of
the Companys Annual Report on Form 10-K for the year ended
December 31, 2015 and any subsequently filed Quarterly Report on
Form 10-Q. Any forward-looking statements contained in this Form
8-K speak only as of the date hereof and not of any future date,
and the Company expressly disclaims any obligation to update any
forward-looking statements, whether as a result of new
information, future events or otherwise.
About Interleukin Genetics, Inc. (OTCMKTS:ILIU)
Interleukin Genetics, Inc. develops and markets genetic tests for chronic diseases and health-related conditions. The Company operates through the genetic test business segment. The Company’s products include PerioPredict genetic test and Inherent Health line of genetic tests. PerioPredict is a genetic risk test that analyzes genetic variations associated with inflammation and identifies individuals with a life-long predisposition to over-produce inflammation. PerioPredict identifies specific polymorphisms (genetic variations) in genes that regulate the production of interleukin-1 cytokines. PerioPredict identifies adults at increased risk for severe periodontal disease. The Company markets additional genetic tests through its Inherent Heath brand. Its additional genetic tests include weight management genetic test, bone health genetic test, heart health genetic test, nutritional needs genetic test and wellness select genetic test. Interleukin Genetics, Inc. (OTCMKTS:ILIU) Recent Trading Information
Interleukin Genetics, Inc. (OTCMKTS:ILIU) closed its last trading session up +0.003 at 0.113 with 300 shares trading hands.
