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Print Edition StoriesMonday, August 10, 2009
Clinical Data’s Q2 revenue jumps with genetic test sales
By Julie M. Donnelly
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Clinical Data Inc. is reporting that sales of its Familion genetic tests drove revenue up 81 percent over the same time period last year.
The Newton-based biotechnology and diagnostics company reported first quarter revenues for its fiscal year, which begins April 1, of $3.7 million, up from $2 million for the first quarter of 2008. The company’s year-on-year net loss ticked up slightly, to $15.4 million from $4.9 million. The company attributes the wider loss to increased research and development spending, which was $11.5 million in the company’s first quarter of this year, up from $7.6 million for the corresponding period last year.
Clinical Data had $51.3 million of cash on hand on June 30, 2009, down from $55.2 on March 31.
The company has recently reported positive Phase 3 results for its anti-depressant drug candidate, vilazadone, and plans to file an application for approval to the U.S. Food and Drug Administration by the end of the year. Clinical Data has also recently launched a Phase 1 trial for its drug target stedivaze, a potential treatment for patients with chronic obstructive pulmonary disease, known as COPD.
Clinical Data’s (Nasdaq:CLDA) stock was trading at $14.42 in midday trading on Monday, down from $14.45 at the previous close.
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