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Clinical Data's Q4 Revenue Doubles as Net Loss Widens

NEW YORK (GenomeWeb News) – Clinical Data today reported that its fiscal fourth-quarter revenues doubled year over year as its quarterly net loss grew by 62 percent.

Revenue for the three months ended March 31 climbed 103 percent to $3.2 million from $1.6 million in the comparable period of 2008. The company attributed the increase to the expansion of its PGxHealth sales and marketing force and increased payor coverage during the last 18 months.

Fourth-quarter R&D spending rose 140 percent to $12.8 million from $5.3 million for the same period in fiscal 2008. Clinical Data said that the increase was driven by Phase III confirmatory clinical and safety trials for vilazodone, the company's drug candidate for depression.

Sales and marketing expenses increased 40 percent to $2.1 million from $1.5 million in the prior-year period, while general and administrative expenses dipped 13 percent to $5 million from $5.7 million in the fourth quarter of fiscal 2008. Clinical Data said that the decrease was partly due to a reduction in executive compensation, including year-end bonuses.

For the full 2009 fiscal year, revenues rose 104 percent to $10.4 million from $5.1 million in fiscal 2008. Annual revenues for the company's PGxHealth tests increased 116 percent to $9.9 million from $4.6 million.

Full-year R&D spending climbed 161 percent to $44.1 million from $16.9 million in fiscal 2008. The company said that it has completed Phase III trials for vilazodone, but expects its ongoing R&D expenses to be "significant" as it files a new drug application for vilazodone and begins Phase III studies for Stedivaze, its candidate for cardiac stress imaging.

Sales and marketing expenses for fiscal 2009 rose 115 percent to $7.8 million from $3.6 million, while full-year general and administrative expenses increased 17 percent to $19.7 million from $16.8 million in fiscal 2008.

As of March 31, the Company had cash and cash equivalents of $55.2 million. The company said that this amount does not include $13.1 million in proceeds received from the sale of its Cogenics division, completed in April, with an additional $2.5 million held in escrow.

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