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Clinical Data Raises $47.4M in Public Offering

NEW YORK (GenomeWeb News) – Clinical Data has raised gross proceeds of $47.4 million through the sale of 2,750,000 newly issued shares of its common stock at a price of $17.25 per share.

According to a filing with the US Securities and Exchange Commission filed today, net proceeds from the offering are approximately $44.1 million. The underwriters of the offering have an option to purchase an additional 412,500 shares, which would bring total gross proceeds to $54.6 million. The offering is expected to close on Nov. 2, the firm said.

Clinical Data intends to use the funds to support preparation of its application with the US Food and Drug Administration for approval of its vilazodone drug for depression, as well as Phase III studies of its Stedivaze drug for cardiac stress imaging. It also said that it may use the proceeds for other drug development efforts and general corporate purposes.

In addition to its drug business, Clinical Data's PGx Health decision manufactures pharmacogenomic tests.

In early Wednesday trade on the Nasdaq, shares of Clinical Data were down 10 percent at $17.02.