Clinical Data Buys Adenosine

Clinical Data Inc. (Nasdaq: CLDA) has acquired Adenosine Therapeutics LLC, a Charlottesville, Va.-based developer of agonists and antagonists of adenosine receptor subtypes. The deal included a $22 million up-front cash payment, $25.2 million in promissory notes and up to $30 million in milestone-based earn-outs. Adonesine had raised VC funding from firms like ATEL Ventures and Emerging Technology Partners.

PRESS RELEASE

Clinical Data, Inc. (NASDAQ:CLDA) today announced the acquisition of Adenosine Therapeutics, L.L.C., a developer of drug products based on its extensive 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.

The acquisition of AdenosineTherapeutics 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