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

re expressly qualified in their entirety by the cautionary statements contained or referred to herein. Vanda cautions investors not to rely too heavily on the forward-looking statements Vanda makes or that are made on its behalf. The information in this release is provided only as of the date of this release, and Vanda undertakes no obligation, and specifically declines any obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

                             VANDA PHARMACEUTICALS INC.
                         (A Development Stage Enterprise)

             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


                             Three Months Ended           Six Months Ended
                             ------------------           ----------------
                           June 30,      June 30,      June 30,      June 30,
                             2009          2008          2009          2008
                             ----          ----          ----          ----

    Revenue                      $-            $-            $-            $-
                               ----          ----          ----          ----

    Operating expenses:
      Cost of Sales         229,352             -       229,352             -
      Research and
       development        7,195,595     5,480,909     9,528,934    16,583,574
      General and
       administrative     4,988,317     8,454,985     9,212,351    17,414,199
                          ---------     ---------     ---------    ----------
        Total operating
         expenses        12,413,264    13,935,894    18,970,637    33,997,773
                         ----------    ----------    ----------    ----------

    Loss from
     operations         (12,413,264)  (13,935,894)  (18,970,637)  (33,997,773)

    Interest income          21,163       441,012     
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SOURCE Vanda Pharmaceuticals Inc.
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