This article has been updated to include additional financial information and an updated stock quote.
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NEW YORK (GenomeWeb News) – Clinical Data today reported a 31 percent increase in third-quarter revenues, while its net loss from continuing operations more than doubled.
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For the three months ended Dec. 31, 2007, Clinical Data brought in revenues of $10.5 million, up from $8 million in the comparable period a year ago. Sales for the firm’s PGxHealth unit rose 52 percent to $1.4 million from $939,000, while revenues for the Cogenics unit climbed 29 percent to $9.1 million from $7.1 million.
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The Newton, Mass.-based firm posted a net loss from continuing operations of $13.9 million, or $.66 per share, compared with a net loss from continuing operations of $6.2 million, or $.43 per share, in the third quarter of 2006.
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Including income of $9.5 million from discontinued operations, Clinical Data would have posted a net loss of $4.3 million, or $.21 per share.
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Clinical Data’s R&D costs more than doubled year over year to $7.8 million from $3.7 million, and its SG&A costs climbed to $9.9 million from $6.1 million. The company's R&D costs for the quarter included a $3.6 million equity milestone payment to Merck KGaA related to completion of the first phase III study of its depression drug Vilazodone.
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Clinical Data said that the drug met its primary and secondary clinical endpoints, which triggered the milestone payment. The company intends to launch a second Phase III study of the drug during its fiscal fourth quarter and expects to file for approval from the US Food and Drug Administration during 2009.
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The firm finished the quarter with $76.9 million in cash, cash equivalents, and marketable securities.
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Clinical Data’s shares were up 5.4 percent at $22.50 in Thursday afternoon trade on the Nasdaq.