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Vanda Pharmaceuticals Reports Third Quarter 2008 Results
Date:10/30/2008

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Net loss for the year is expected to be approximately $56 million, or approximately $2.10 per share. Non-cash charges for 2008, consisting primarily of stock-based compensation expense and depreciation and amortization, are expected to total approximately $16.5 million. The total cash balance at December 31, 2008 is expected to be approximately $44 million.

Fourth quarter cash expenditures, consisting primarily of administrative overhead, personnel costs, costs to complete ongoing carcinogenicity studies, costs to complete stability studies for iloperidone, regulatory consulting fees, and commercial discontinuation costs, are expected to total approximately $7.5 million. To reduce expenses, Vanda has taken the following actions:
-- Reduced headcount from 52 full-time employees as of June 30, 2008 to 44

full-time employees as of October 30, 2008. In addition, Vanda has

eliminated four full-time contract commercial positions.

-- Discontinued all commercial activities.

-- Suspended all non-essential manufacturing and pre-clinical activities.

As a result of these initiatives, Vanda expects its operating cash burn to decrease to approximated $3.6 million per quarter beginning in the first quarter of 2009. These expenditures will consist primarily of administrative overhead, personnel costs, costs to complete an ongoing carcinogenicity study and regulatory consulting fees.

Vanda is also evaluating its development pipeline and a number of options to further reduce expenses and cash burn. Vanda will provide additional guidance as soon as its plans are more definitive.

ABOUT VANDA PHARMACEUTICALS INC.:

Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on the development and commercialization of clinical-stage product candidates for central nervous system disorders. For more on Vanda Pharmaceuticals Inc., please visit http://www.
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SOURCE Vanda Pharmaceuticals Inc.
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