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

n, $3.4 million in non-cash depreciation, amortization, and stock-based compensation expense, $0.9 million in proceeds from the exercise of stock options and $0.1 million of other working capital outflows.

  • Vanda's cash, cash equivalents and marketable securities as of June 30, 2009 totaled approximately $29.0 million, compared to approximately $46.5 million as of December 31, 2008.

  • Net loss for the second quarter of 2009 was $12.4 million, compared to a net loss of $6.5 million for the first quarter of 2009 and a net loss of $13.5 million for the second quarter of 2008.

  • Net loss per common share for the second quarter of 2009 was $0.46, compared to $0.24 for the first quarter of 2009 and $0.51 for the second quarter of 2008.

FINANCIAL GUIDANCE

Based on its current operating plans, Vanda believes that its existing cash, cash equivalents and marketable securities, will be sufficient to meet its anticipated operating needs through 2009. However, given the recent approval by the FDA of the NDA for Fanapt(TM), Vanda is currently evaluating alternative commercial strategies for the product. These strategies include, in addition to Vanda launching Fanapt(TM) on its own, entering into one or more partnerships, other collaboration agreements or strategic transactions that may provide capital to support Vanda's operations.

CONFERENCE CALL

Vanda has scheduled a conference call for today, Monday, August 10, 2009, at 10:00 AM ET. During the call, Mihael H. Polymeropoulos, M.D., President and CEO, and Stephanie Irish, Acting CFO, will discuss quarterly results and other corporate activities. Investors can call 1-800-599-9829 (domestic) and 1-617-847-8703 (international) prior to the 10:00 AM start time and ask for the Va
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SOURCE Vanda Pharmaceuticals Inc.
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