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Vanda Pharmaceuticals Reports First Quarter 2013 Results
Date:5/9/2013

gement team as Senior Vice President, Chief Medical Officer.  He had assumed the role of Vanda's acting Chief Medical Officer in October 2012.  Dr. Baroldi previously served as Vanda's Senior Vice President and Chief Medical Officer from July 2006 through January 2009.
He has also served in senior clinical development positions at Galileo Research, Supernus Pharmaceuticals, Chiesi Famaceutici SpA, and Novartis.

2013 FINANCIAL GUIDANCE2013 financial guidance assumes a mid-year NDA submission for tasimelteon for Non-24 is accepted by the FDA for Standard Review.  2013 expenses are expected to reflect lower research and development spending as compared to 2012 and an increase in commercial spending that is commensurate to progress with the tasimelteon NDA filing.

  • Full year 2013 decrease in Cash is expected to be between $45.0 and $50.0 million, compared to $47.5 million for 2012.
  • Total 2013 operating expenses are expected to be between $57.0 and $62.0 million.  This includes Fanapt® intangible asset amortization of $1.5 million and $4.0 to $6.0 million of non-cash stock based compensation.
    Total 2012 operating expenses were $61.0 million.
  • 2013 operating expense guidance assumes $4.3 million in milestone payments due upon the acceptance by the FDA of a tasimelteon NDA submission and $3.0 to $4.0 million in NDA filing-related expenses.
  • CONFERENCE CALLVanda has scheduled a conference call for today, Thursday, May 9, 2013, at 10:00 AM ET.  During the call, Vanda's management will discuss the first quarter 2013 financial results and other corporate activities.  Investors can call 1-877-280-4962 (domestic) and 1-857-244-7319 (international) and use passcode 32610810.  A replay of the call will be available beginning Thursday, May 9, 2013 at 12:00 PM ET and will be accessible until Thursday, May 16, 2013, at 5:00 PM ET.  The replay call-in number is 1-888-286-8010 for domestic call
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