ROCKVILLE, Md., April 11, 2011 /PRNewswire/ — Vanda
Pharmaceuticals Inc. (NASDAQ:
VNDA) announced today that Novartis Pharmaceuticals
Corporation, an affiliate of Vanda’s sublicensor Novartis Pharma
AG, has initiated a clinical study to evaluate the long-acting
injectable (or depot) formulation of Fanapt® (iloperidone).
 This is a Phase I study that will evaluate the safety and
pharmacokinetic profiles of two different long-acting formulations
of Fanapt® in patients with schizophrenia.

Under a 2009 agreement, Novartis has exclusive rights to the
depot formulation of Fanapt® in the U.S. and Canada.
 Vanda has exclusive rights to the depot formulation outside
the U.S. and Canada, but Novartis has the option to enter into
discussions with Vanda to co-commercialize Fanapt® or receive
sales royalties for such territory.

“We are very excited with the advance of the Fanapt® depot
formulation into clinical studies,” said Mihael H. Polymeropoulos,
M.D., Vanda’s President and CEO.  “A long-acting injectable
formulation could offer a potential new option for patients with
schizophrenia who might benefit from less frequent dosing compared
to an oral medication.”

About Schizophrenia

Schizophrenia is a chronic, severe and disabling mental
disorder, characterized by profound disruptions in thinking,
affecting language, perception, and the sense of self. It often
includes psychotic experiences, such as hearing voices or
delusions. Schizophrenia typically begins in late adolescence or
early adulthood and affects 2.4 million Americans or 1.1% of the
U.S. adult population.

About Vanda Pharmaceuticals Inc.

Vanda Pharmaceuticals Inc. is a biopharmaceutical company
focused on the development and commercialization of clinical-stage
products for central nervous system disorders. For more on Vanda,
please visi

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