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Clinical Data Sells IVD Business to Support PGx Arm; Auditor Raises Solvency Doubt

NEW YORK (GenomeWeb News) — Clinical Data in fiscal 2007 sold its Vital Diagnostics business, an Australia-based IVD segment focused on the US market, for $1.5 million, the company said yesterday.
The company also divested its Rhode Island-based Clinical Data Sales & Service business for $7 million.

Clinical Data also said that its independent auditors have a “material uncertainty” about the company’s “ability to continue as a going concern for a reasonable period of time.”

Clinical Data said it “continues to undertake steps to improve liquidity."

A source close to the company said Clinical Data unloaded Vital, which makes and sells clinical chemistry and hematology analyzers and reagents, in order to focus its energies on its Cogenics business and pharmacogenomics offerings.

Clinical Data said it is using the funds from the sale of CDSS to back its PGxHealth division, which recently completed its first Phase III trial for the depression drug Vilazodone, which it intends to submit to the US Food and Drug Administration in late 2009.
The company also said yesterday it has filed with the US Securities and Exchange Commission a shelf registration to sell up to $150 million in common stock, preferred stock, warrants and/or debt securities. Proceeds from their sale will be used for general corporate purposes.

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