Clinical Data Reports Second Quarter and Record Six-Month Results.

NEWTON, Mass. -- Clinical Data, Inc. (NASDAQ:CLDA) announced today consolidated revenues and earnings for its second quarter ended September 30, 2004. Revenues for the three-month period were $13.0 million compared versus to $12.6 million for the same period a year ago. The Company reported net income of $910,000 for the period, or $0.20 per share, compared with net income of $159,000 and a net loss applicable to common stockholders of $63,000 for the period, or a loss of $0.03 per common share for the second quarter last year.

Revenues for the six-month period ended September 30, 2004 were $29.3 million as compared to $23.0 million in the prior year period. The Company reported net income of $2,181,000 for the six-month period ended September 30, 2004, or $0.50 per share, compared with net income of $99,000 and a net loss applicable to common stockholders of $271,000 for the six-month period in the prior year, or a loss of $0.15 per common share for such period.

Israel M. Stein, M.D., President of Clinical Data commented, "We are pleased to report our fifth consecutive profitable quarter and a record six-month profit. Strong performance in both our Physician's Office Laboratory and Small Clinics and Hospitals segments contributed to this profitability. Development and validation of two new clinical chemistry analyzers and related assays are progressing well and launch is now scheduled for our fourth fiscal quarter."

Dr. Stein continued, "We again wish to note that the Board of Directors of the Company has tripled the next quarterly cash dividend to $0.03 per common share, payable on December 19, 2004 to shareholders of record on November 22, 2004."

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 constitute 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 Annual Report on Form 10-KSB for the year ended March 31, 2004, filed with the SEC on June 28, 2004, and the Company's Quarterly Reports on Form 10-QSB for quarters ended June 30, 2004, and September 30, 2004, filed with the SEC respectively on August 12, 2004, and November 12, 2004.

Clinical Data, Inc. AND SUBSIDIARIES

                              (unaudited)


               CONSOLIDATED STATEMENT OF OPERATIONS DATA
               (in thousands, except for per share data)


                           For the Three Months   For the Six Months
                                   Ended                 Ended
                            9/30/04    9/30/03     9/30/04    9/30/03
                          ---------------------  ---------------------

Revenues                    $13,003    $12,578     $29,317    $22,983

Income from operations       $1,528       $204      $3,477       $112

Net Income                     $910       $159      $2,181        $99

Basic net income (loss)
 per share                    $0.21  $(0.03)(a)      $0.50  $(0.15)(b)

Diluted net income (loss)
 per share                    $0.20  $(0.03)(a)      $0.48  $(0.15)(b)

Basic Weighted Average
 Common Shares Outstanding    4,387      1,857       4,386      1,862

Diluted Weighted Average
 Common Shares Outstanding    4,518      1,857       4,508      1,862


(a) The earnings per share figures reflect the assumed preferred stock
    dividend of $222,104 or $0.11 per 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
    filed on June 28, 2004.

(b) The earnings per share figures reflect the assumed preferred stock
    dividend of $370,173 or $0.10 per 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
    filed on June 28, 2004.