Clinical Data selling Cogenics division for $17M

By Mass High Tech staff

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Biotech services company Clinical Data Inc. says it is selling its Cogenics division to Caifornia-based Beckman Coulter Inc. for about $17 million.

Selling the Cogenics unit will complete a key part of Clinical Data’s plan to sell off non-core assets and focus on advancing the company’s two late-stage targeted therapeutic programs. Clinical Data (Nasdaq: CLDA) will get approximately $15.4 million at the closing of the sale, expected in April. In addition, the Newton-based company expects to hold on to approximately $2 million in cash from Cogenics immediately prior to the sale.

Beckman Coulter (NYSE: BEC) provides outsourced genomics services, and officials said Cogenics complements Beckman Coulter’s Agencourt Biosciences’ business, which provides genomic services and nucleic acid purification products. Agencourt is based in Beverly.

Last month Clinical Data wrapped up a $50 million convertible debt financing deal with private equity firm New River Management V LP.

The primary use of that money is to promote Clinical Data’s two late-stage therapeutic programs past key milestones planned for this year. Those include the completion of its second Phase 3 registration trial and planned new drug application filing for vilazodone, a drug candidate for the treatment of depression. It also will include the initiation of its Phase 3 clinical program for Stedivaze, a potential cardiac stress agent.

Clinical Data reported a net loss of $35.3 million for fiscal 2008 on revenue of $34 million.

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