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news.Clinical Data, a biotechnology company, has completed the sale of Cogenics, the company's genomics services division, to Beckman Coulter, a manufacturer of biomedical testing instrument systems, tests and supplies, for $17 million.
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The sale is believed to have achieved Clinical Data’s goal to monetize non-core assets and focus resources on advancing its two late-stage targeted therapeutic programs, each of which have anticipated near-term milestone events.
These significant events include completing a second Phase III registration trial and planned new drug application filing for vilazodone, a drug candidate for the treatment of depression, and the initiation of a Phase III clinical program for Stedivaze, a potential cardiac stress agent.
At the closing, Clinical Data was paid $15.4 million in cash after adjustments, with $2.5 million held in escrow for 18 months. Clinical Data also retained approximately $2.2 million in cash from Cogenics immediately prior to the sale, resulting in net cash proceeds of $14.9 million. In exchange, Beckman Coulter acquired all of Cogenics’s operations in the US, UK, Germany and France.