Skip to main content
Premium Trial:

Request an Annual Quote

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.

Filed under

The Scan

Study Follows Consequences of Early Confirmatory Trials for Accelerated Approval Indications

Time to traditional approval or withdrawal was shorter when confirmatory trials started prior to accelerated approval, though overall regulatory outcomes remained similar, a JAMA study finds.

Sequencing Study Leads to Vaccine Target in Bacteria Behind Neonatal Meningitis

Researchers eBioMedicine track down potential vaccine targets with transposon sequencing on mutant bacteria causing neonatal meningitis in mouse models of the disease.

Multiple Myeloma Progression Influenced by Immune Microenvironment Expression

Researchers in NPJ Genomic Medicine compare RNA sequencing profiles of 102,207 individual cells in bone marrow samples from 18 individuals with rapid or non-progressing multiple myeloma.

Self-Reported Hearing Loss in Older Adults Begins Very Early in Life, Study Says

A JAMA Otolaryngology — Head & Neck Surgery study says polygenic risk scores associated with hearing loss in older adults is also associated with hearing decline in younger groups.