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Vanda Pharmaceuticals Reports Second Quarter 2009 Results
Date:8/10/2009

ROCKVILLE, Md., Aug. 10 /PRNewswire-FirstCall/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA), a biopharmaceutical company focused on the development and commercialization of clinical-stage products for central nervous system disorders, today announced financial and operational results for the second quarter ended June 30, 2009.

Vanda reported a net loss of $12.4 million for the second quarter of 2009, compared to $6.5 million for the first quarter of 2009 and $13.5 million for the second quarter of 2008. Total expenses for the second quarter of 2009 were $12.4 million, compared to $6.6 million for the first quarter of 2009 and $13.9 million for the second quarter of 2008. Research and development (R&D) expenses for the second quarter of 2009 were $7.2 million, compared to $2.3 million for the first quarter of 2009 and $5.5 million for the second quarter of 2008. The increase in R&D expenses in the second quarter of 2009 relative to the first quarter of 2009 and second quarter of 2008 is primarily due to the regulatory consulting fees paid and/or accrued as a result of the approval of Fanapt(TM) (iloperidone) by the U.S. Food and Drug Administration (FDA). In addition, the Company recorded a $12.0 million milestone payment due to Novartis as an intangible asset. Of the $12.0 million milestone payment, $7.0 million was paid in May 2009 and the remaining $5.0 million is due in November 2009; however, Novartis has the right to accelerate the due date in its sole discretion.

As of June 30, 2009, Vanda's cash, cash equivalents, and marketable securities totaled approximately $29.0 million. As of June 30, 2009, a total of approximately 27.1 million shares of Vanda common stock were outstanding. Net loss per common share for the second quarter of 2009 was $0.46, compared to $0.24 for the
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SOURCE Vanda Pharmaceuticals Inc.
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