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Clinical Data's Q1 Revenues Rise 81 Percent on PGx Test Sales

NEW YORK (GenomeWeb News) – Clinical Data today reported that its first-quarter revenues increased 81 percent year over year, due to sales growth for its Familion genetic tests.

The Newton, Mass.-based drug and pharmacogenomic test developer brought in total revenues of $3.7 million for the three-month period ended June 30, compared with revenues of $2 million for the first quarter of 2008. Its revenues came from sales of its Familion genetic tests, which are sold by its PGx Health division.

Clinical Data posted a net loss of $15.4 million, or $.67 per share, for the quarter, compared to a net loss of $14.9 million, or $.70 per share, the year before. The increased loss was due to increased spending, as the firm continues to develop its vilazodone treatment for depression.

Its R&D spending for the quarter increased 51 percent to $11.5 million from $7.6 million, while its SG&A expenses rose around 22 percent to $7.1 million from $5.8 million. During the quarter, the firm also recognized a charge of $2 million related to its acquisition of Avalon Pharmaceuticals.

Clinical Data also completed the sale of its Cogenics division to Beckman Coulter during the quarter for $13.1 million, excluding $2.2 million in cash retained prior to the sale and $2.5 million held in escrow.

Clinical Data finished the quarter with $51.3 million in cash and cash equivalents and $1.2 million in marketable securities.

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