Exhibit 99.1
Interleukin Genetics Extends
Research Collaboration, Modifies Stock Purchase and Product
Distribution Agreements with Alticor
WALTHAM,
Mass.--(BUSINESS WIRE)--March 3, 2005--Interleukin
Genetics, Inc. (OTCBB: ILGN) reported today
that it has signed two new
Research Agreements with Access Business
Group LLC, a subsidiary of
Alticor Inc. The Company also reported that
it has modified its Stock
Purchase and Distribution Agreements with
other affiliates of Alticor.
Under one of the new
research agreements Interleukin will conduct
research to develop risk assessment tests
for the Asian market; under
the other ILGN will undertake exploratory
research to identify new
product opportunities. With the execution
of these two agreements,
Interleukin is eligible to receive up to
$5.0 Million in additional
research funding over a period of 24 months
beginning on April 1,
2005.
The Stock Purchase
Agreement was modified to: 1) extend the
availability of Interleukin's existing $1.5
Million line of credit for
two more years through March 5, 2007 and,
2) extend until March 5,
2007 the period during which an Alticor
affiliate is restricted from
selling shares of Series A Preferred Stock
acquired by it in March
2003. The credit facility is available for
Interleukin to draw against
in connection with expenditures related to
new or expanded strategic
partnerships or strategic
collaborations.
The two companies also
modified their Distribution Agreement to
include a $2.0 Million pre-payment by
Alticor for future tests to be
processed by Interleukin. The $2.0 Million
pre-payment will be paid
when Interleukin meets a certain milestone
in its DNA Testing
Laboratory. Interleukin expects to achieve
that milestone in 2005.
"We are extremely
pleased to have signed these agreements with the
Alticor companies," said Philip R. Reilly,
MD, JD,
