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Vanda Pharmaceuticals Reports Second Quarter 2007 Results.

Article Excerpt
ROCKVILLE, Md., Aug. 2 /PRNewswire-FirstCall/ -- Vanda Pharmaceuticals Inc. , a biopharmaceutical company focused on the development and commercialization of clinical-stage product candidates for central nervous system disorders, today announced financial and operational results for the second quarter ended June 30, 2007.

Vanda reported research and development (R&D) expenses in the second quarter of 2007 of $10.2 million, compared to first quarter of 2007 R&D expenses of $10.6 million and second quarter of 2006 R&D expenses of $19.1 million. The decrease in R&D expenses in the second quarter of 2007 relative to the first quarter of 2007 is primarily attributable to lower clinical trial costs associated with the completion of the long-term open label portion of the Phase III trial for iloperidone. The decrease in R&D expenses in the second quarter of 2007 relative to the second quarter of 2006 was primarily due to lower clinical trial expenses for the company's iloperidone and VEC-162 Phase III trials that were primarily completed in 2006. Total expenses for the second quarter of 2007 were $17.6 million, compared to $16.8 million in the first quarter of 2007 and $22.1 million in the second quarter of 2006.

Net loss applicable to common stockholders was $16.0 million for the second quarter of 2007, compared to $15.4 million in the first quarter of 2007 and $21.4 million in the second quarter of 2006. Net loss per share applicable to common stockholders for the second quarter of 2007 was $0.60, compared to $0.61 in the first quarter of 2007, and $1.11 in the second quarter of 2006.

As of June 30, 2007, Vanda's cash, cash equivalents, and marketable securities totaled $119.7 million. As of June 30, 2007, the company had a total of approximately 26.6 million shares of common stock outstanding.

OPERATIONAL HIGHLIGHTS Iloperidone

Vanda remains on track to file its New Drug Application (NDA) for iloperidone in schizophrenia by the end of this year. Development work continues on the 4-week injectable formulation of iloperidone. Vanda is also preparing to present Phase III safety and efficacy results for iloperidone, as well as related pharmacogenetics findings, at the American Society of Human Genetics conference in October and the American College of Neuropsychopharmacology conference...