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Vanda Pharmaceuticals Responds to Announcement and Filing by a Group Led by Tang Capital Partners, LP
Date:2/23/2009

lue for all of its stockholders. In connection with this goal, Vanda's management team has been working diligently over the past several months with the Food & Drug Administration ("FDA") to reevaluate its response to Vanda's New Drug Application ("NDA") for iloperidone for the treatment of schizophrenia. In September of 2008, management met with the FDA to discuss the FDA's not-approvable letter relating to the NDA and submitted a complete response on November 6, 2008, at the request of the FDA. The FDA accepted the complete response for review and has set a new target action date of May 6, 2009. The Company believes that, even in the absence of an approval by the FDA for iloperidone, there remains significant unrealized value in the Company's other compounds. Therefore, the Company does not believe that liquidation is currently in the best interests of the Company or its stockholders and intends to oppose TCP's proposal to liquidate the Company.

TCP has previously criticized Vanda's spending in general and specifically its spending since the receipt of the not-approvable letter from the FDA. However, Vanda has substantially reduced spending and dramatically reduced its employee headcount in the wake of the FDA letter. The Company has been working on a reduced budget and has curtailed all non-essential expenditures. Vanda believes that this approach will allow it to continue to minimize any reduction in stockholder value based on the Company's cash assets while it awaits the FDA's reply to its complete response. Unfortunately, due to the course of action taken by TCP, the Company will now need to expend significant unanticipated amounts in connection with its 2009 Annual Meeting of Stockholders.

Moreover, under Delaware law, the Board of Directors is given the power to determine, in the first instance, whether the Company should be dissolved. The only exception to the clear statutory scheme involves unanimous approval
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SOURCE Vanda Pharmaceuticals Inc.
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