This article has been updated from a previous version, which miscalculated the company's R&D spending.
NEW YORK (GenomeWeb News) — Clinical Data’s fiscal third-quarter revenues increased 20 percent as R&D spending rose by nearly 80 percent and net losses decreased 580 percent, according to preliminary earnings report.
Total receipts for the three months ended Dec. 31, 2006, increased to $22 million from $18.4 million year over year.
CEO Drew Fromkin said the company has “begun to grow revenues in our genomics business,” and said it opened "important distribution channels in Europe and elsewhere" through agreements with several companies.
R&D spending for the third quarter rose to $4.5 million from $2.5 million in the same quarter last year.
The company said net loss decreased to $6.3 million from $42.8 million in the year-ago period.
Looking forward, Fromkin said the company plans to push its Phase III trial for the antidepressant drug vilazodone, which last year Clinical Data said it will spin out into a separate business.
The company did not list its balance sheet for the quarter.