Clinical Data inks $66M deal to acquire Adenosine

Clinical Data is buyout out the privately held Adenosine Therapeutics for $11 million, promissory notes totaling $25.2 million and up to $30 million in milestones. The acquisition of Adenosine Therapeutics expands Clinical Data's PGxHealth Division's pipeline of therapeutics, adding drug candidates in cardiology, diabetes, inflammatory diseases, and sickle cell anemia. Stedivaze (apadenoson), is expected to enter Phase III testing in 2009 as a pharmacologic stress agent for myocardial perfusion imaging.

"This transaction broadens our portfolio of drug candidates in selected specialty markets," said Drew Fromkin, president and chief executive of Clinical Data.

"We are particularly excited about the chance to apply our biomarker expertise to these compounds at the clinical development and pre-clinical development stage," noted Carol Reed, M.D., Clinical Data's chief medical officer. "Adenosine's scientific team has made promising discoveries relating to genetic variants in adenosine receptors and disease states such as diabetes. We believe that pursuing biomarker strategies from the early stages of clinical trials will enable us to realize a more efficient development pathway resulting in drugs targeted to the segment of the patient population most likely to respond."

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