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Clinical Data Revenues up 11 Percent in Q3

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Clinical Data today reported an 11 percent increase in its third-quarter revenues, driven by sales from its PGxHealth division.

The Newton, Mass.-based drug and pharmacogenomic test developer brought in total revenues of $3.1 million for the three months ended Dec. 31, compared to $2.8 million for the third quarter of 2008. It said that sales of its Familion tests from its PGxHealth division were a key driver of that growth with revenues of $719,000 — a 25 percent increase year over year.

Clinical Data posted a net loss of $16 million, or $.63 per share, compared to a net loss of $23.7 million, or $1.04 per share, for Q3 2008.

Its R&D expenses dropped 36 percent to $9.7 million from $15.1 million year over year. The firm's SG&A spending fell 11 percent to $6.2 million from $7 million. Clinical Data said in a statement that it expects its sales and marketing expenses to continue at a comparable rate over the next several quarters as it leverages its existing sales organization for the Familion tests.

Clinical Data also said that it is on track to submit a marketing application with US authorities this quarter for its vilazodone drug for treatment of depression. It also has its apadenoson (Stevidaze) drug in phase III studies for use as a pharmacologic stress agent in myocardial perfusion imaging.

The firm finished the quarter with $70.2 million in cash and cash equivalents.

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