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Clinical Data Q2 Loss Rises Sharply on Acquisition Costs

NEW YORK (GenomeWeb News) – Clinical Data today posted a $70 million net loss for the second quarter, resulting primarily from charges related to its August acquisition of Adenosine Therapeutics.
 
The Newton, Mass.-based firm reported revenues of $8.8 million for the three-month period ended Sept. 30, down 3 percent from revenues of $9.1 million for the second quarter of 2007. Excluding $1.8 million in grant revenue recognized by Cogenics Icoria during last year’s second quarter, Clinical Data’s revenues increased 22 percent year over year. Late last year, Clinical Data wound down Icoria product lines that are no longer providing revenue for the firm.
 
The firm said that its PGxHealth division had 127 percent revenue growth year over year to $2.2 million, driven primarily by sales of its Familion cardiac tests. Exlcuding the Cogenics Icoria grant revenue from 2007, Cogenics’ genomic service business revenues grew 5 percent to $6.4 million.
 
Clinical Data’s net loss for the quarter was $70 million, or $3.30 per share, compared to a loss of $10.9 million, or $.57 per share, for the second quarter of 2007. The firm took a charge of $52.1 million during the quarter related to in-process research and development tied to its acquisition of Adenosine Therapeutics in August.
 
Clinical Data’s R&D spending increased more than three-fold to $9.4 million from $2.9 million, while its SG&A expenses rose around 17 percent to $10.9 million from $9.3 million.
 
The company held cash and cash equivalents of $41.2 million as of the end of its second quarter.

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