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Clinical Data Cuts FY2010 Loss as Revenues Rise 26 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Following on last week's announcement of preliminary financial results, Clinical Data today reported flat fourth-quarter revenue growth and an increased net loss on higher R&D spending.

The Newton, Mass.-based firm reported a 26 percent increase in its full-year revenues compared to fiscal-year 2009 and sharp decrease in its net loss year over year.

Clinical Data reported revenues of $3.2 million for the quarter ended March 31, flat with the fourth quarter of 2009.

Its net loss was $38.4 million, or $1.44 per share, compared with a net loss of $23.9 million, or $1.05 per share, for Q4 2009.

The firm's R&D spending more than doubled to $26.7 million from $12.8 million, while its SG&A expenses jumped to $10.9 million from $7.1 million. The 2009 Q4 results included a $2 million charge for purchased in-process R&D.

Clinical Data reported fiscal-year 2010 revenues of $13.1 million, up from $10.4 million.

Its net loss for the year fell sharply to $88.5 million, or $3.57 per share, from $132.4 million, or $6.03 per share. The decrease was due primarily to a charge of $55.1 million in FY2009 for purchased in-process R&D.

The firm's R&D spending increased to $56.8 million from $44.1 million, while its SG&A spending increased to $31.8 million from $27.5 million.

Clinical Data finished the quarter with $49.2 million in cash and cash equivalents.

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