NEWTON, Mass.--(BUSINESS WIRE)--Clinical Data, Inc. (NASDAQ: CLDA) today reported consolidated financial results for the Company’s fiscal first quarter ended June 30, 2007. Revenue for the fiscal first quarter declined $3.6 million to $14.0 million, compared with the same period a year ago. The decrease was due to (i) the expected absence of one-time revenue items recognized in 2006 totaling $2.1 million related to Icoria’s discontinued agriculture business, (ii) a $1.0 million decline in OEM sales within the Company’s European IVD business, and (iii) a focus on internal laboratory projects associated with biomarker discovery and sequencing for the recently completed Phase III pivotal clinical trial of Vilazodone, Clinical Data’s drug candidate in development for depression. This internal focus on the development of genetic biomarkers was necessary to ensure the Phase III study’s successful and timely completion. Results of the Phase III study for Vilazodone and related genetic markers are expected to be announced in September 2007.
