Clinical Data Reports Profitable Third Quarter; Revenues Increased 202% - Profits Increased 379%.

Business Editors/Health/Medical Writers

NEWTON, Mass.--(BUSINESS WIRE)--Feb. 17, 2004

Clinical Data, Inc. (NASDAQ:CLDA), formerly Novitron International, Inc., announced today consolidated revenues and earnings for its third quarter ended December 31, 2003. Revenues for the three-month period were $13.8 million compared to $4.6 million for the same period a year ago. The Company reported net income of $629,000 and net income applicable to common stockholders of $507,000 for the period, or $0.17 per basic common share, compared with net income of $106,000 or $0.06 per common share for the third quarter last year.

Revenues for the nine-month period ended December 31, 2003, were $36,780,000 as compared to $11,477,000 in the prior year period. The Company reported net income of $725,000 and net income applicable to common stockholders of $236,000 for the nine-month period, or $0.11 per basic common share, compared with net income of $166,000 or $0.09 per common share for the same period last year.

Israel M. Stein, M.D., President of Clinical Data commented, "The 202% increase in revenues for the quarter resulted primarily from the previously announced series of acquisitions and a 30% increase in revenues at Vital Scientific. For the nine months ended December 31, 2003, revenues increased 220%, which resulted primarily from the previously announced acquisitions coupled with a 36% increase at Vital Scientific."

Mark D. Shooman, Chief Financial Officer of Clinical Data stated, "During the first two quarters of the fiscal year the Company's operating results were impacted by the fair value adjustment of the purchase price of the business combinations that occurred on April 29, 2003. During the third quarter the fair value adjustment resulted in a $6,000 impact to cost of sales, so the effects of fair value accounting during the quarter were minimal. The Company does not expect the future impact of fair value accounting from that transaction to materially affect future performance."

Mr. Shooman further commented, "The financial results show a $0.04 cent per share charge per basic common share for the quarter and a $0.22 per basic common share charge for the nine months ended December 31, 2003, for a preferred stock deemed dividend. The preferred stock was issued as part of the previously announced business combinations and would convert into common stock upon the approvals by the common stockholders and a registration statement for the shares by the Securities and Exchange Commission ('SEC'). The SEC declared the registration statement effective on January 12, 2004, resulting in the automatic conversion of all shares of the preferred stock that had not already been voluntarily converted into common. Consequently, this deemed dividend will never be paid and has no effect on the operating results or cash flow of the Company."

Clinical Data, Inc., through its domestic and foreign subsidiaries, focuses on the needs of physician offices and smaller clinical laboratories. The Company provides a complete range of products and consulting services to the growing physician office laboratory market and offers blood chemistry instrumentation and diagnostic assays to clinics and small hospitals worldwide.

Except for any historical information contained in this press release, the matters discussed herein include forward looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. Actual results could differ materially from those expressed in such statements and readers are referred to the Company's SEC reports and filings, including the Company's Current Report on Form 8-K filed with the SEC on May 12, 2003 and Amendment No. 1 thereto on Form 8-K/A filed with the SEC on July 14, 2003, the Company's Annual Report on Form 10-KSB filed with the SEC on June 30, 2003 and Amendment No. 1 thereto on Form 10-KSB/A filed with the SEC on July 29, 2003, and the Company's Quarterly Report on Form 10-QSB for the quarter ended September 30, 2003, filed with the SEC on November 14, 2003.

                 Clinical Data, Inc. and subsidiaries
                 CONSOLIDATED STATEMENT OF OPERATIONS
                              (unaudited)

                 For the Three Months Ended  For the Nine Months Ended
                     12/31/03     12/31/02     12/31/03      12/31/02

Revenues            $13,797,235  $4,565,723   $36,780,331  $11,477,111

Income from
 operations          $1,040,400    $183,193    $1,152,294     $381,264

Net Income             $506,833    $105,833      $236,178     $166,047

Basic net income
 per share             $0.17 (a)      $0.06      $0.11 (b)       $0.09

Diluted net income
 per share             $0.14 (c)      $0.06      $0.10 (d)       $0.09

Basic Weighted Average
 Common Shares
 Outstanding          2,987,330   1,854,034     2,237,056    1,844,696

Diluted Weighted
 Average Common Shares
 Outstanding          4,450,739   1,922,404     2,349,820    1,917,162

(a) The earnings per share figure reflects the assumed preferred stock dividend of $121,850 or $0.04 per basic common share. As of January 12, 2004, all of the preferred stock had been converted to common stock, relieving the Company of any obligation to pay the preferred dividend. For a further explanation see Form 10-KSB, as amended on July 29, 2003.

(b) The earnings per share figure reflects the assumed preferred stock dividend of $492,023 or $0.22 per basic common share. As of January 12, 2004, all of the preferred stock had been converted to common stock, relieving the Company of any obligation to pay the preferred dividend. For a further explanation see Form 10-KSB, as amended on July 29, 2003.

(c) The earnings per share figure reflects the assumed preferred stock dividend of $121,850 or $0.03 per diluted common share. As of January 12, 2004, all of the preferred stock had been converted to common stock, relieving the Company of any obligation to pay the preferred dividend. For a further explanation see Form 10-KSB, as amended on July 29, 2003.

(d) The earnings per share figure reflects the assumed preferred stock dividend of $492,023 or $0.21 per diluted common share. As of January 12, 2004, all of the preferred stock had been converted to common stock, relieving the Company of any obligation to pay the preferred dividend. For a further explanation see Form 10-KSB, as amended on July 29, 2003.