March 8, 2010 (FinancialWire) — – Interleukin Genetics, Inc. (AMEX: ILI) said it has received commitments from certain institutional investors to purchase around $5.3 million of securities in a registered direct offering.

The company expects to receive net proceeds of around $4.9 million. Under the deal, Interleukin Genetics has agreed to sell an aggregate of 4,375,002 shares of its common stock and warrants to purchase up to 1.75 million additional shares of common stock.

Each unit, consisting of one share of common stock and a warrant to purchase 0.40 of a share of common stock, will be sold for a purchase price of $1.20.

The warrants will be exercisable at an exercise price of $1.30 per share beginning immediately after issuance and will expire five years from the date they are first exercisable. The offering is scheduled to close by March 10.

Massachusetts-based Interleukin Genetics develops and markets genetic tests meant to assist consumers in preventing certain chronic diseases, and used by pharmaceutical companies in the development and marketing of targeted therapeutics.

Interleukin Genetics markets a line of genetic tests under the Inherent Health brand including Bone Health, Weight Management, Heart Health and Nutritional Needs.  

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