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Clinical Data's Q3 Revenues up 31 Percent

This article has been updated to include additional financial information and an updated stock quote.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
The firm finished the quarter with $76.9 million in cash, cash equivalents, and marketable securities.
 
Clinical Data’s shares were up 5.4 percent at $22.50 in Thursday afternoon trade on the Nasdaq.

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