Exhibit 99.1
(VANDA LOGO)
For Immediate Release
Company Contact:
Stephanie R. Irish
Acting Chief Financial Officer
Vanda Pharmaceuticals Inc.
(240) 599-4500
stephanie.irish@vandapharma.com
Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2008 Results
ROCKVILLE, MD. – February 11, 2009 – Vanda Pharmaceuticals Inc. (NASDAQ:
VNDA), 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 fourth quarter ended December 31, 2008.
Vanda reported a net loss of $7.5 million for the fourth quarter of 2008, compared to $10.9 million for the third quarter of 2008 and $20.7 million for the fourth quarter of 2007. Total expenses for the fourth quarter of 2008 were $7.7 million, compared to $11.2 million for the third quarter of 2008 and $22.0 million for the fourth quarter of 2007. Research and development (R&D) expenses for the fourth quarter of 2008 were $3.6 million, compared to $3.8 million for the third quarter of 2008 and $12.6 million for the fourth quarter of 2007. The decrease in R&D expenses in the fourth quarter of 2008 relative to the third quarter of 2008 is primarily due to the decrease in stock-based compensation expense for R&D personnel due to the cancellation of unvested options. The decrease in R&D expenses in the fourth quarter of 2008 relative to the fourth quarter of 2007 is attributable to lower clinical trial costs in 2008 compared to costs from trials conducted in 2007. For the full year of 2008, total expenses were $52.8 million, compared to $80.0 million for 2007. Total 2008 R&D expenses were $23.9 million compared to $47.2 million during 2007.
As of December 31, 2008, Vanda’s cash, cash equivalents, and marketable securities totaled approximately $46.5 million. As of December 31, 2008, a total of approximately 26.7 million shares of Vanda common stock were outstanding. Net loss per common share for the fourth quarter of 2008 was $0.28, compared to $0.41 for the third quarter of 2008 and $0.78 for the fourth quarter of 2007.
OPERATIONAL HIGHLIGHTS
On November 6, 2008, Vanda submitted a Complete Response to the not approvable action letter that the Company received from the U.S. Food and Drug Administration (FDA) on July 25, 2008 regarding iloperidone. The FDA has indicated that it has accepted the Complete Response for review and has set a new target action date of May 6, 2009.

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The following information was filed by Vanda Pharmaceuticals Inc. (VNDA) on Wednesday, February 11, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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