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Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results
Date:2/14/2008

Expects Fiapta(TM) (Iloperidone) PDUFA Action July 27, 2008

Completes Enrollment for VEC-162 Phase III Chronic Insomnia Study

ROCKVILLE, Md., Feb. 14 /PRNewswire-FirstCall/ -- Vanda Pharmaceuticals Inc. (Nasdaq: VNDA), a biopharmaceutical company focused on the development and commercialization of clinical-stage product candidates for central nervous system disorders, today announced financial and operational results for the fourth quarter and fiscal year ended December 31, 2007.

Vanda reported research and development (R&D) expenses in the fourth quarter of 2007 of $12.6 million, compared to third quarter of 2007 R&D expenses of $13.9 million and fourth quarter of 2006 R&D expenses of $7.9 million. The decrease in R&D expenses between the third and fourth quarters is primarily attributable to costs associated with the ongoing Phase III VEC-162 chronic insomnia clinical trial being offset by a non-recurring third quarter milestone charge of $5.0 million for the Fiapta(TM) New Drug Application (NDA) submission in September 2007. The increase in R&D expenses in the fourth quarter of 2007 relative to the fourth quarter of 2006 is primarily attributable to the same VEC-162 Phase III chronic insomnia clinical trial that was initiated in late 2007. For the full year of 2007, total R&D expenses were $47.2 million compared to $52.1 million during 2006. Total expenses for the fourth quarter of 2007 were $22.0 million, compared to $23.5 million in the third quarter of 2007 and $12.4 million in the fourth quarter of 2006. For the full year of 2007, total expenses were $80.0 million, compared to $65.7 million in 2006.

Net loss was $20.7 million for the fourth quarter of 2007, compared to $21.9 million in the third quar
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SOURCE Vanda Pharmaceuticals Inc.
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