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Vanda Pharmaceuticals Reports Second Quarter 2013 Results
Date:7/31/2013

WASHINGTON, July 31, 2013 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ: VNDA), a biopharmaceutical company focused on the development and commercialization of products for the treatment of central nervous system disorders, today announced financial and operational results for the second quarter ended June 30, 2013.

Key Highlights:

  • On July 29, 2013 Vanda announced that the U.S. Food and Drug Administration (FDA) accepted the filing and granted priority review classification to Vanda's New Drug Application (NDA) for tasimelteon, a circadian regulator for the treatment of Non-24-Hour Disorder (Non-24) in the totally blind.
  • The FDA determined the action target date under Prescription Drug User Fee Act (PDUFA-V) to be January 31, 2014.  The FDA has also tentatively scheduled an advisory committee meeting to discuss the tasimelteon application on November 14, 2013.
  • Full year 2013 decrease in cash, cash equivalents and marketable securities (Cash) is expected to be between $45.0 and $50.0 million, consistent with prior guidance.
  • Vanda recorded second quarter 2013 revenue of $8.3 million including royalties of $1.6 million.  Fanapt® prescriptions, as reported by IMS, were approximately 41,400 for the second quarter of 2013.  This represents a 11% increase over second quarter 2012 prescriptions and a 7% increase over first quarter 2013 prescriptions.
  • SECOND QUARTER 2013 REPORTED RESULTSTotal revenues for the second quarter of 2013 were $8.3 million, compared to $8.4 million for the same period in 2012.  Second quarter 2013 revenues included $1.6 million in Fanapt® royalties received from Novartis as compared to royalties of $1.7 million for the second quarter of 2012.

    Total operating expenses for the second quarter of 2013 were $1
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    SOURCE Vanda Pharmaceuticals Inc.
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