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Clinical Data’s Q2 Sales Jump 27 Percent

This article has been corrected from a previous version, which contained factual errors regarding Clinical Data's vilazodone and Stedivaze programs. GenomeWeb regrets this inaccuracy.

NEW YORK (GenomeWeb News) – Clinical Data today reported that its second-quarter revenues increased 27 percent year over year, due to a 51 percent rise in gross sales of its Familion genetic tests, which are sold through the firm’s PGx Health division.

The Newton, Mass.-based drug and pharmacogenomic test developer brought in total revenues of $3 million for the three-month period ended Sept. 30, compared with revenues of $2.4 million for the second quarter of 2008.

Clinical Data posted a net loss of $18.6 million, or $.79 per share, for the quarter, compared to a net loss of $70 million, or $.3.30 per share, the year before.

During the quarter, Clinical Data raised $47.4 million through a public offering.

Clinical Data’s R&D spending for the quarter ticked up 4 percent to $8.9 million from $8.6 million, while its SG&A expenses dipped around 3 percent to $7.4 million from $7.6 million.

The company also reported generating $1.5 million in proceeds from the sale of some assets it gained through the purchase of Avalon Pharmaceuticals.

“The majority of our resources remain focused on driving our late-stage products toward key development milestones, several of which we anticipate over the next few quarters,” company CEO and President Drew Fromkin said in a statement.

The company also said that the increase in its R&D spending was attributable to concluding Phase III trials for its vilazodone treatment for depression, for which the company plans to file an NDA in Q1 2010. Clinical Data expects ongoing R&D funds to support the NDA, as well as a Phase III program for its Stedivaze test for cardiac stress.

Clinical Data finished the quarter with $37.2 million in cash and cash equivalents.