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Clinical Data Mulls Spinning Off Genetic Test Business; Files $200M Shelf Registration

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Clinical Data is considering selling off its genetic testing and biomarker development business, including its CLIA lab, according to a filing with the US Securities and Exchange Commission.

The Newton, Mass.-based firm said the sale would include all assets associated with its Familion family of genetic tests for cardiac syndromes, which are currently sold by its PGx Health division. It added that the sale would most likely include "all of its tangible personal property, intellectual property rights, accounts receivable, and contractual rights owned or used by the company in connection with the business."

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

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 also announced after the close of the market last night that it has filed a shelf registration with the SEC to sell up to $200 million of its common stock, preferred stock, and/or debt securities from time to time.

Earlier this year, Clinical Data raised $32 million in a common stock offering.

In early Tuesday trade on the Nasdaq, shares of Clinical Data were down 2 percent at $18.68.

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