Vanda Pharmaceuticals Announces Receipt of Not Approvable Letter From FDA for I... (million. Additional financialdetails wil...)

Vanda Pharmaceuticals Announces Receipt of Not Approvable Letter From FDA for Iloperidone

Date:7/28/2008

million. Additional financial details will be provided on the August 5, 2008 earning conference call.

Conference Call

The company has scheduled a conference call for today, Monday, July 28, 2008, at 10:30 AM ET to discuss the FDA's response. Investors can call 1-866-202-3109 (domestic) and 1-617-213-8844 (international) prior to the 10:30 AM start time and ask for the Vanda Pharmaceuticals conference call hosted by Dr. Polymeropoulos. A replay of the call will be available Monday, July 28, 2008, at 12:30 PM ET and will be accessible until Monday, August 4, 2008, at 5:00 PM ET. The replay call-in number is 1-888-286-8010 for domestic callers and 1-617-801-6888 for international callers. The access number is 48122809.

The conference call will be broadcast simultaneously on the company's Web site, http://www.vandapharma.com. Investors should click on the Investor Relations tab and are advised to go to the Web site at least 15 minutes early to register, download, and install any necessary software. The call will also be archived on the Vanda Web site for a period of 30 days, through August 27, 2008.

About Vanda Pharmaceuticals Inc.

Vanda Pharmaceuticals Inc. is a biopharmaceutical company with a focus on the development and commercialization of clinical-stage product candidates for central nervous system disorders. In addition to iloperidone, Vanda is developing tasimelteon (VEC- 162), a compound for the treatment of sleep and mood disorders which is currently in Phase III development for sleep disorders. Vanda's third product candidate in clinical development, VSF-173, is currently in Phase II development for the treatment of excessive sleepiness. For more on Vanda Pharmaceuticals Inc., please visit http://www.vandapharma.com.

Cautionary Note Regarding Forward-Looking Statements

Various statements in this release
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