Interleukin Genetics Inc.'s board approved a workforce restructuring and reduced its workforce in its commercial organization and administrative functions by eight persons, effective March 30.
The restructuring aimed at better utilizing the company's resources, to support the cardiovascular testing program for which the company is seeking strategic interest and to streamline the commercial strategy for its ILUSTRA inflammation management program.
Interleukin 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 about $58,000, consisting of about $34,000 in cash severance payments and roughly $24,000 in accrued vacation payments.
Interleukin expects that the restructuring will result in roughly $948,000 in reduced annualized operating expenses when fully implemented.