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Clinical Data's Q4 Revenues Rise 9 Percent; Trims Net Loss

NEW YORK (GenomeWeb News) – Clinical Data today reported that its fourth-quarter revenues rose 9 percent and that it trimmed its net loss for the quarter by 13 percent.
 
The Newton, Mass.-based firm brought in total revenue of $7.8 million for the three months ended March 31, compared with revenues of $7.1 million in the fourth quarter of 2007. The company said that its PGxHealth unit brought in revenues of $1.5 million for the quarter, while its Cogenics unit had revenues of $6.2 million.
 
Clinical Data’s net loss fell to $14.7 million, or $.70 per share, compared to a net loss of $16.9 million, or $1.14 per share, for the fourth quarter of 2007.
 
Its R&D costs tripled to $6.1 million from $2 million, while its SG&A expenses climbed 10.1 percent to $10.9 million from $9.9 million.
 
For full-year 2008, Clinical Data’s revenues increased 7.6 percent to $34 million from $31.6 million. The PGxHealth unit had full-year sales of $5.1 million, and Cogenics had revenues of $28.9 million.
 
Clinical Data’s fiscal 2008 net loss dropped 5.9 percent to $35.3 million, or $1.85 per share, from $37.5 million, or $2.65 per share, in 2007.
 
The firm’s R&D expenses rose 60.3 percent to $18.6 million from $11.6 million. Its SG&A costs increased 17.7 percent to $37.3 million from $31.7 million.
 
Clinical Data finished its fiscal 2008 year with cash and cash equivalents of $54.8 million.

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