NEW YORK (GenomeWeb News) - Clinical Data today announced a $50.9 million loss for fiscal year 2006 compared to a profit of $3.4 million in fiscal 2005 due to an increase in operational expenses from the acquisitions of Genaissance Pharmaceuticals and Icoria.
For the 12 months ended March 31, Clinical Data reported revenues of $68.8 million, a 22-percent increase from $56.4 million in fiscal 2005. The increase included Genaissance and Icoria's operating results.
The company's traditional product business reported a 2-percent increase in revenue, to $50.6 million from $49.8 million a year ago.
Clinical Data's loss for the year was primarily a result of expensing $39.7 million for in-process research and development projects at Genaissance and Icoria at the time of the acquisition, the company said. The company also reported an increase in operation costs after the acquisitions.
The company had $20.8 million in cash as of March 31.