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Clinical Data Posts 64 Percent Rise in Fiscal Q2 Revenue as Icoria Ag Line Winds Down and Erases Profits

NEW YORK (GenomeWeb News) — Clinical Data today said fiscal second-quarter 2007 revenues increased 64 percent as R&D spending on vilazodone studies rose 54 percent and profit turned swung to a loss.
 
Total receipts for the three months ended Sept. 30 increased to $19.2 million from $11.7 million year over year.
 
Clinical Data said revenues slid back $4 million from the previous quarter in 2006, however, because of the “final wind down” of subsidiary Icoria’s agricultural line. Clinical Data acquired Icoria in January for $11 million.
 
R&D spending on the company’s Vilazadone study increased to $2 million from
$1.3 million year over year.
 
Clinical Data posted a $8.1-million net loss from a $377,000 profit in the year-ago period.
 
The company said it paid $1.4 million in the second quarter in restructuring charges due to acquisition-related costs.  
 
Clinical Data said it had around $16.8 million in cash and cash equivalents as of Sept. 30.

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