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Vanda Pharmaceuticals Reports First Quarter 2009 Results
Date:4/29/2009

kes or that are made on its behalf. The information in this release is provided only as of the date of this release, and Vanda undertakes no obligation, and specifically declines any obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

                           VANDA PHARMACEUTICALS INC.
                        (A Development Stage Enterprise)

            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

                                             Three Months Ended
                                             ------------------
                                        March 31,          March 31,
                                           2009               2008
                                           ----               ----

    Revenue                                    $-                  $-
                                            -----               -----
    Operating expenses:
      Research and development          2,333,344          11,102,665
      General and administrative        4,224,031           8,959,214
                                        ---------           ---------
         Total operating expenses       6,557,375          20,061,879
                                        ---------          ----------

    Loss from operations               (6,557,375)        (20,061,879)

    Interest income                        53,387             865,750
                                           ------             -------
         Total other income, net           53,387             865,750
                                           ------             -------

    Net loss                          $(6,503,988)       $(19,196,129)
                                      ===========        ============

    Basic and diluted net loss per
     share attributable to
     common stockholders
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SOURCE  Vanda Pharmaceuticals Inc.
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