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Clinical Data Posts Flat Q4 Revenues; Files for $27.8M Public Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Clinical Data reported after the close of the market Tuesday preliminary results for its fourth quarter and fiscal-year 2010, and separately announced a public offering of common stock.

The firm said in a filing with the US Securities and Exchange Commission that its revenues for the fourth quarter ended March 31 were $3.2 million, flat with its 2009 Q4 revenues. 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.

Clinical Data said that its revenues for the fiscal year were $13.1 million, up from $10.4 million, while its net loss was $93.5 million, or $3.77 per share, versus a net loss of $132.4 million, or $6.03 per share, for FY 2009. As of March 31, 2010, the firm had $49.2 million in cash and cash equivalents.

The Newton, Mass.-based firm also said that it intends to offer all remaining shares of common stock on its existing shelf registration statement in an underwritten public offering. The company expects to raise $27.8 million through the new offering, it disclosed in a prospectus filed Tuesday night. It will sell 1,945,576 shares at a price of $14.30 per share.

Clinical Data intends to use proceeds from the offering primarily to fund development and commercialization of its leading drug candidates, vilazodone and Stedivaze. The firm, which also has a division that makes pharmacogenomic tests, also said that it may use some of the funds for acquiring businesses or products that complement its current portfolio.

Clinical Data raised net proceeds of around $44.1 million from a public offering of 2.75 million shares of common stock in October 2009.

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