Clinical Data Acquires Adenosine Therapeutics

Expands therapeutics pipeline with compounds in cardiology, diabetes, inflammatory diseases, and sickle cell anemia

07-Aug-2008

Clinical Data, Inc. announced the acquisition of adenosine Therapeutics, L.L.C., a developer of drug products based on its portfolio of composition of matter and method of use patents relating to selective adenosine receptor modulators. In exchange for all of the company's operating assets, Clinical Data paid $11 million in cash, and entered into a $22 million, five-year promissory note and a separate $3.2 million, 32-month promissory note. Contingent consideration of up to $30 million in cash may be paid on achievement of certain regulatory and commercial milestones.

According to the company, the acquisition of Adenosine Therapeutics significantly expands Clinical Data's PGxHealth Division's pipeline of therapeutics, adding drug candidates in cardiology, diabetes, inflammatory diseases, and sickle cell anemia. The acquisition further enhances PGxHealth's pipeline with Stedivaze(TM) (apadenoson), which is expected to enter Phase 3 testing in 2009 as a pharmacologic stress agent for myocardial perfusion imaging. Sales of the leading adenosine product used as a pharmacologic stress agent totaled approximately $330 million in 2007.1 In research to date, Stedivaze has exhibited potential best-in-class attributes.

"This transaction broadens our portfolio of drug candidates in selected specialty markets," said Drew Fromkin, President and Chief Executive Officer of Clinical Data. "We believe that combining our pharmacogenomic expertise with Adenosine Therapeutics' broad estate of highly selective adenosine receptor agonists and antagonists could produce targeted therapeutics and companion biomarker tests across a number of therapeutic areas, with a development path made more efficient with the incorporation of biomarkers."

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