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Growth in PGx, Services Units Boosts Q1 Revenues for Clinical Data

NEW YORK (GenomeWeb News) - Clinical Data today reported a 39 percent increase in revenues for its fiscal first quarter, driven by double-digit revenue growth in its PGxHealth and Cogenics divisions.
 
Clinical Data's total revenue for the quarter ended June 30, 2008, soared 39 percent to $9.2 million from $6.6 million for the same period a year ago.
 
Revenue for Clinical Data's PGxHealth division grew at a 114 percent clip to $2 million from $950,000 in the prior-year period, including a 122 percent increase in sales of its Familion and PGxPredict tests. Revenue for the company’s Cogenics genomics services group grew by 26 percent to $7.2 million from $5.7 million. The increase in Cogenics revenue is partly due to revenue of $1.1 million from Epidauros, which it acquired last year, as well as an “overall improvement” in the performance of Cogenics' core service lines, the company said.
 
R&D spending soared 344 percent to $8.3 million from $1.9 million for the three-month period ended June 30, 2007. The company attributed the increase to the ongoing safety and Phase III confirmatory trials for vilazodone, its drug candidate for the treatment of depression.
 
Sales and marketing expenses rose 82 percent to $3.3 million from $1.8 million in the prior-year period. The company said the increase was due to the development of a “new sales and marketing function” within PGxHealth, including the hiring of a new sales force and senior-level sales and marketing management, and the addition of Epidauros sales and marketing expenses. In addition, stock-based compensation expense also increased, to $309,000 from $139,000 for the same period in the year-ago period.
 
General and administrative expenses climbed 13 percent to $6.1 million from $5.4 million for the three months ended June 30, 2007. The company said that the increase was partly due to the addition of expenses of $620,000 for Epidauros and an increase in stock-based compensation expense.
 
Total operating expenses nearly doubled to $17.7 million from $9.1 million in the comparable period of 2007.
 
Net loss widened to $14.9 million from $5.4 million in the prior-year period.
 
As of June 30, Clinical Data held $38.6 million in cash and cash equivalents.

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