US biotech company Interleukin Genetics said it has signed an agreement with an undisclosed major consumer products company to develop and market proprietary genomics-based nutritional and skincare products.
The company, which develops diagnostic, therapeutic and nutraceutical products based on the genetic variations in people to help prevent or treat diseases of inflammation, is seeking to tap the worldwide nutrition market currently valued at over $40 billion and growing at an 8 per cent rate each year.
The two parties have executed a letter of intent that, in exchange for an undisclosed sum, permits the nutrition company a limited period in which to evaluate the option of entering into a joint venture or executing a licensing agreement in the area of nutritional genomics.
The arrangement allows ILGN to continue its business development activities for the diagnostic and therapeutic applications of the company's technology.
Many common chronic diseases, such as heart disease and Alzheimer's Disease, have a major inflammatory component. Individuals with genetic variations covered by ILGN's patents have more systemic inflammation and are at increased risk for such diseases. The company said that nutritional products designed to reduce the type of inflammation caused by ILGN genetic variations may be an ideal approach to preventing or delaying the onset of these chronic diseases.
"The end goal is to co-develop and distribute nutritional supplements and skincare products using ILGN's expertise and intellectual property in the functional genomics of inflammation. The nutrition company has worldwide distribution and manufacturing capabilities," said Dr Philip Reilly, chairman and CEO of Interleukin Genetics.
Interleukin Genetics will hold a conference call on Thursday 5 September 2002, at 9 am eastern time to discuss the announcement. Phil Reilly, CEO and Ken Kornman, chief scientific officer, will lead the call.