Clinical Data closes public offering of newly issued shares of common stock

Jun 15 2010

Clinical Data, Inc. (NASDAQ: CLDA) today announced the closing of its previously announced public offering of 2,237,412 newly issued shares of common stock, including 291,836 shares sold pursuant to the full exercise of an over-allotment option granted to the underwriters, at a price to the public of $14.30 per share. The shares offered by Clinical Data, Inc. exhausted all remaining shares on its existing shelf registration statement. The net proceeds from the sale of the shares, after underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $30.0 million.

Clinical Data, Inc. intends to use the net proceeds from the offering primarily for developing and implementing commercialization plans for its lead therapeutic candidate for the treatment of depression, vilazodone; funding the clinical trials of its coronary vasodilator, Stedivaze, which is in Phase III development; the continued development of other products and drug candidates; and for working capital and general corporate purposes.

BMO Capital Markets Corp. acted as the sole book running manager, with Wedbush PacGrow Life Sciences and Roth Capital Partners, LLC as co-managers in the offering. The offering was made pursuant to effective shelf registration statements filed with the Securities and Exchange Commission. 

SOURCE Clinical Data, Inc.