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

rance, legal and professional fees

associated with being a public company.

Employee stock-based compensation expense recorded in the fourth

quarter of 2007 was $5.2 million. Of the total $5.2 million of

non-cash charges, $1.0 million was recorded in R&D expenses and

$4.2 million was recorded in G&A expenses. In the third quarter of

2007 and the fourth quarter of 2006, total stock-based compensation was

$5.2 million and $1.6 million, respectively. For the full year of

2007, total stock-based compensation was $19.5 million, up from

$6.1 million in the prior year. The increase in stock-based

compensation is primarily the result of the higher fair value of

options granted during 2007 compared to options granted in prior

periods.

-- Net loss for the fourth quarter of 2007 was $20.7 million. This

compares to a net loss of $21.9 million in the third quarter of 2007,

and $11.9 million in the fourth quarter of 2006. For the full year of

2007, net loss was $74.1 million, up from $63.5 million for the full

year of 2006.

-- Net loss per common share for the fourth quarter of 2007 was $0.78,

compared to $0.82 in the third quarter of 2007 and $0.54 in the fourth

quarter of 2006. For the full year of 2007, net loss per common share

was $2.81, compared to $3.97 in the full year of 2006.

-- Cash and marketable securities decreased by $16.2 million during the

fourth quarter. Changes included $20.7 million of net losses and

decreases in accrued R&D expenses and accounts payable of $2.5 million,

offset by $5.3 million in non-cash depreciation, amortization, and

stock-based compensation expenses, decreases in prepaid expenses of

$1.6 million and net decreases in other working capital of

$0.1 million.

-- Vanda's cash, cash equivalents, an
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SOURCE Vanda Pharmaceuticals Inc.
Copyright©2008 PR Newswire.
All rights reserved

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