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.
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