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Clinical Data's Fiscal Q2 Revenue Up 25 Percent on Strong Cogenics, PGxHealth Sales

NEW YORK (GenomeWeb News) — Clinical Data said today that fiscal second-quarter 2008 revenues swelled 25 percent as R&D spending fell 10 percent and net loss rose 34 percent.
 
Total receipts for the three months ended Sept. 30 increased to $9.1 million from $7.3 million in the second fiscal quarter of 2007.
 
Revenue for the company's Cogenics genomic services division rose 22 percent to $7.7 million and included $1.8 million of grant revenue from Icoria product lines that are expected to wind down by December 2007.
 
Revenue for the company's PGxHealth business, which is developing pharmacogenetic tests and targeted therapeutics, rose 17 percent during the period to $1.1 million, within which sales of the FAMILION cardiac channelopathy tests rose 23 percent.
 
Net loss widened to $10.9 million from $8.1 million in the year-ago period.
 
As of Sept. 30, Clinical Data had around $61.1 million in cash and equivalents. Evan Ballantyne, senior vice president and chief financial officer said that number excludes $22 million in proceeds from the sale of its Electa and Vital Scientific businesses, which the company realized in the current quarter.  
 
The company said it has roughly $80 million in cash and equivalents as of today.
 
“We aim to generate combined revenue growth during the full fiscal year for our Cogenics and PGxHealth product lines of 20 to 25 percent while continuing to be good stewards of our cash,” said company CEO Drew Fromkin.
 
The company plans to invest “even more aggressively” in developing its PGxHealth IP over the coming year, with some of those costs going to pushing Phase III confirmatory and safety trials for the depression drug Vilazodone.
 
“Further, we have completed the divestiture of all of our in vitro diagnostic businesses to focus exclusively on our most strategic operations,” Fromkin added.

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