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Vanda Pharmaceuticals Reports Second Quarter 2011 Results

Thu, 08/04/2011 - 4:41am
Bio-Medicine.Org

ROCKVILLE, Md., Aug. 4, 2011 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ: VNDA), a biopharmaceutical company focused on the development and commercialization of products for central nervous system disorders, today announced financial and operational results for the second quarter and six months ended June 30, 2011.

"We are pleased with our progress towards our vision of building a CNS specialty pharmaceutical company.  Fanapt® scripts in the U.S. continued to grow, and we have made advances towards the globalization of the franchise.  We are excited about the prospects of our tasimelteon programs in both Non-24 and major depression, which are currently underway," said Mihael Polymeropoulos, M.D., President and Chief Executive Officer.

Key Highlights:

Vanda recorded second quarter 2011 revenue of $7.4 million including royalties of $0.8 million. Second quarter sales of Fanapt® as reported by Novartis included a $2.7 million cumulative adjustment to gross to net sales reserves that resulted in approximately $270 thousand less in royalties to Vanda in the period. Fanapt® prescriptions, as reported by IMS, reached 30,000 in the second quarter of 2011.  This represents a 17% increase over first quarter 2011 prescriptions.   On July 22, 2011, the European Medicines Agency (EMA) notified Vanda that it had accepted for evaluation the Marketing Authorization Application (MAA) for oral iloperidone tablets. Vanda announced commercialization agreements for two Latin American markets.  On July 11, 2011, Vanda entered into an exclusive license agreement with Probiomed S.A. de C.V. (Probiomed) for the commercialization of Fanapt® in Mexico.   On August 1, 2011, Vanda entered into an exclusive license agreement with Biotoscana Farma S.A. (Biotoscana

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