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Clinical Data's PGx Revenues Rise in Q3, Loss up on Rx R&D Costs

NEW YORK (GenomeWeb News) – Clinical Data today reported a 4 percent decline in its third-quarter 2008 revenues and a more than five-fold increase in its net loss on higher R&D costs associated with a phase III drug study.

The Newton, Mass.-based firm brought in total revenues of $10.1 million for the three-month period ended Dec. 31, compared to revenues of $10.5 million for the third quarter of 2007. It said that excluding $1.8 million it recognized in the third quarter of 2007 from certain Cogenics Icoria grant-funded research projects that concluded during that period, its revenues grew 16 percent year over year.

Clinical Data's PGxHealth genetic testing services division reported revenues of $2.6 million for the quarter, up 105 percent from around $1.3 million for the third quarter of 2007. Its revenues were boosted by additional coverage policies for its Familion tests from Aetna and as an approved Medicare provider for genetic testing services, as well as a Medicaid provider now in 38 states and DC, compared to just seven states in January of 2008.

Excluding the impact of the Cogenics Icoria grant revenue from 2007, Cogenics' revenue was essentially flat year over year at $7.3 million, said Clinical Data.

Clinical Data posted a net loss of $23.7 million, or $1.04 per share, compared to a net loss of $4.3 million, or $.21 per share, for the third quarter of 2007.

The increased loss was primarily due to costs associated with phase III trials for the firm's vilazodone drug for treating depression. The firm hopes to file a New Drug Application on vilazodone with the US Food and Drug Administration by the end of 2009.

Clinical Data's R&D costs roughly doubled to $15.5 million from $7.8 million year over year, while its SG&A spending increased 1 percent to $10 million from $9.9 million.

The firm finished the quarter with cash and cash equivalents of $25.7 million.

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