Date:2/16/2010

class="xn-money">$3.6 million for the fourth quarter of 2008.  The increase in R&D expenses in the fourth quarter of 2009 relative to the third quarter of 2009 is primarily due to 2009 employee bonus expense.  The decrease in R&D expenses in the fourth quarter of 2009 relative to the fourth quarter of 2008 is primarily due to the regulatory consulting fees relating to Fanapt™ accrued in the fourth quarter of 2008.  For the full year of 2009, total R&D expenses were $13.9 million, compared to $23.9 million for 2008.  Lower R&D expenses resulted from the lower clinical trial costs and related manufacturing costs incurred in 2009.  

• General and administrative (G&A) expenses of $9.2 million for the fourth quarter of 2009 consisted primarily of $1.3 million of salaries and benefits and $1.9 million of non-cash stock based compensation costs for G&A personnel, as well as $1.2 million of legal fees and $3.7 million of consulting fees and financial advisors fees primarily relating to the transaction with Novartis, and $0.2 million of insurance costs.  This compares to $5.3 million for the third quarter of 2009 and $4.1 million for the fourth quarter of 2008.  The increase in G&A expenses in the fourth quarter of 2009 relative to the third quarter of 2009 and the fourth quarter of 2008 is primarily due to an increase in legal and consulting fees and financial advisor fees accrued in the fourth quarter of 2009 relating to the transaction with Novartis.  For the full year of 2009, total G&A expenses were $23.7 millio
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SOURCE Vanda Pharmaceuticals Inc. Copyright©2010 PR Newswire. All rights reserved

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