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Clinical Data's Q1 Revenues Rise 52 Percent; PGx Division up 7 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Clinical Data today reported that its first-quarter 2011 revenues jumped 52 percent, due in large part to a $2 million milestone payment received from Santen Pharmaceuticals.

The Newton, Mass.-based firm reported total revenues of $6.2 million for the three-month period ended June 30, compared to $4.1 million for the first quarter of 2010. Excluding the $2 million milestone payment, the firm's revenues still beat analysts' consensus estimate for revenues of $3.9 million.

Sales for its PGx Health division increased $276,000, or 7 percent, year over year, the company said. During the quarter, PGx Health launched two new Familion genetic tests; one for conduction disease associated with dilated cardiomyopathy and one for short QT syndrome.

Clinical Data posted a net loss of $13.9 million, or $.51 per share, compared to a net loss of $15.4 million, or $.67 per share, for the comparable period last year. Last year's results included a $2 million charge related to the acquisition of Avalon Pharmaceuticals.

The firm's R&D spending for the quarter declined 5 percent to $10.9 million from $11.5 million, while its SG&A spending dropped 8 percent to $6.7 million from $7.3 million.

Clinical Data is preparing for the potential approval and launch of its first drug, vilazodone, for the treatment of depression. It also is conducting Phase III studies of its coronary vasodilator, Stedivaze.

The firm finished the quarter with $63.5 million in cash and cash equivalents.

In early Monday trade on the Nasdaq, shares of Clinical Data were up around 2 percent at $14.45.

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