Interleukin Genetics to cut workforce and explore alternatives

Interleukin Genetics Inc. (OTCQB:ILIU) said it will reduce headcount by five employees (63%) and explore strategic alternatives, including a sale of the company or its assets.

The personalized genetic testing company said that its lender Horizon Technology Finance would not extend deferrals of owed debt payments. In April, the parties amended a 2014 loan agreement to defer several payments and to potentially defer others, provided that Interleukin negotiate a “clinical services or similar agreement” satisfactory to Horizon by June 15. Interleukin said it was unable to do so. ...