Clinical Data, Inc. Announces Closing of $32.0 Million Public Offering Including Full Exercise of Over-Allotment

NEWTON, Mass.--(BUSINESS WIRE)--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. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from the Securities and Exchange Commission at http://www.sec.gov, or from BMO Capital Markets Corp. at 3 Times Square, New York, NY 10036, or by calling [phone].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Clinical Data, Inc.

Clinical Data develops first-in-class and best-in-category therapeutics. The Company is advancing its late-stage drug candidates for central nervous system disorders and cardiovascular diseases, to be followed by promising drug candidates in other major therapeutic areas. Clinical Data combines its drug development and biomarker expertise in an effort to develop products with enhanced efficacy and tolerability to improve patient health and reduce costs. To learn more, please visit the Company's website at www.clda.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains certain forward-looking information and statements that are intended to be covered by the safe harbor for forward looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about our ability to obtain regulatory approval for, and successfully introduce any of our therapeutic products; our ability to expand our long-term business opportunities; financial projections and estimates and their underlying assumptions; and all other statements regarding future performance. All such information and statements are subject to certain risks and uncertainties, the effects of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, risks related to whether vilazodone or any of our therapeutic products, including Stedivaze, will advance further in the clinical trials process and whether and when, if at all, they will receive final approval from the U.S. Food and Drug Administration and equivalent foreign regulatory agencies and for which indications; whether vilazodone or any of our other therapeutic products, including Stedivaze, will be successfully marketed if approved; and those risks identified and discussed by Clinical Data in its filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements that speak only as of the date hereof. Clinical Data does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are also urged to carefully review and consider the various disclosures in Clinical Data's SEC periodic and interim reports, including but not limited to its Annual Report on Form 10-K for the fiscal year ended March 31, 2010, Current Reports on Form 8-K filed from time to time by the Company, the preliminary prospectus supplement related to the public offering filed with the SEC on June 8, 2010, and the final prospectus supplement related to the public offering to be filed with the SEC on June 9, 2010.