ROCKVILLE, Md., Feb. 11 /PRNewswire-FirstCall/ -- 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. Pending
a response from the FDA, Vanda is concentrating its efforts on the
design and evaluation of clinical development options for
tasimelteon, its compound for sleep and mood disorders. Results of
prior phase II and III clinical trials for tasimelteon were
published in the December 2008 issue of The Lancet. On December 16,
2008, Vanda announced a workforce reduction of 17 employees,
including two officers. FINANCIAL DETAILS -- Operating Expenses.
Fourth quarter 2008 R&D expenses, primarily consisting of
salaries and related costs of R&D personnel, including $0.6
million of severance expense and the costs of regulatory
consultants, totaled $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 in connection with the
workforce reduction. The decrease in R&D expenses in the fourth
quarter of 2008 relative to the fourth quarter of 2007 is primarily
attributable to lower clinical trial costs in the fourth quarter of
2008 compared to the costs from trials conducted in the fourth
quarter of 2007. For the full year of 2008, total R&D expenses
were $23.9 million, compared to $47.2 million for the full year of
2007. Lower R&D expenses resulted from the lower clinical trial
costs and related manufacturing costs incurred in 2008. General and
administrative (G&A) expenses totaled $4.1 million for the
fourth quarter of 2008, compared to $7.4 million for the third
quarter of 2008 and $9.5 million for the fourth quarter of 2007.
The decrease in G&A expenses in the fourth quarter of 2008
relative to the third quarter of 2008 is primarily due to lower
iloperidone pre-commercial launch expenses and the decrease in
stock-based compensation expense for G&A personnel due to the
cancellation of unvested options in connection with the workforce
reduction offset by $1.0 million of severance expense. The decrease
in G&A expenses in the fourth quarter of 2008 relative to the
fourth quarter of 2007 is primarily due to lower employee
stock-based compensation expense and lower iloperidone
pre-commercial launch expenses. For the full year of 2008, total
G&A expenses were $28.9 million, compared to $32.8 million for
the prior year. The year-over-year decrease in G&A expenses is
primarily due to decreased stock-based compensation expense and
decreased business and commercial development expenses. Employee
stock-based compensation expense recorded in the fourth quarter of
2008 totaled $0.7 million. Of these non-cash charges, $0.6 million
was recorded as a reversal R&D expense and $1.3 million was
recorded as G&A expense. For the third quarter of 2008 and the
fourth quarter of 2007, total stock-based compensation was $3.6
million and $5.2 million, respectively. The decrease in stock-based
compensation in the fourth quarter of 2008 relative to the third
quarter of 2008 is the result of the net effect of stock-based
compensation for the period for existing employees reduced by the
reversal of stock-based compensation charges resulting from the
cancellation of unvested options in connection with the workforce
reduction. The decrease in stock-based compensation in the fourth
quarter of 2008 relative to the fourth quarter of 2007 is primarily
due to the lower fair market value of options granted in 2008 and
the reversal of cumulative amortization of deferred stock-based
compensation related to the cancellation of unvested options in
connection with the workforce reduction. For the full year of 2008,
total stock-based compensation was $13.4 million, compared to $19.5
million for the prior year. -- Net loss for the fourth quarter of
2008 was $7.5 million, compared to a net loss of $10.9 million for
the third quarter of 2008 and $20.7 million for the fourth quarter
of 2007. For the full year of 2008, net loss was $51.1 million,
compared to $74.1 million for the full year of 2007. -- 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. For the full year of 2008, net loss per common
share was $1.92, compared to $2.81 for the full year of 2007. --
Cash and marketable securities decreased by $5.2 million during the
fourth quarter of 2008. Changes included $7.5 million of net
losses, decreases in accrued R&D expenses and accounts payable
of $0.6 million, offset by decreases in prepaid expenses of $1.7
million, $0.8 million in non-cash depreciation, amortization, and
stock-based compensation expenses and net decreases in other
working capital of $0.4 million. -- Vanda's cash, cash equivalents
and marketable securities as of December 31, 2008 totaled
approximately $46.5 million, compared to approximately $51.7
million as of September 30, 2008 and $93.2 million as of December
31, 2007. FINANCIAL GUIDANCE Vanda expects its operating cash spend
to be approximately $3.8 million for the first quarter of 2009,
including $0.8 million for severance payments. The projected $3
million of non-severance costs include administrative overhead,
personnel costs, costs to complete an ongoing carcinogenicity study
and regulatory consulting fees. ABOUT VANDA PHARMACEUTICALS INC.:
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused
on the development and commercialization of clinical-stage product
candidates for central nervous system disorders. For more on Vanda
Pharmaceuticals Inc., please visit http://www.vandapharma.com/.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Various
statements in this release are "forward-looking statements" under
the securities laws. Words such as, but not limited to, "believe,"
"expect," "anticipate," "estimate," "intend," "plan," "targets,"
"likely," "will," "would," and "could," and similar expressions or
words, identify forward-looking statements. Forward-looking
statements are based upon current expectations that involve risks,
changes in circumstances, assumptions and uncertainties. Vanda is
at an early stage of development and may not ever have any products
that generate significant revenue. Important factors that could
cause actual results to differ materially from those reflected in
the company's forward-looking statements include, among others:
delays in the completion of Vanda's clinical trials; a failure of
Vanda's product candidates to be demonstrably safe and effective;
Vanda's failure to obtain regulatory approval for its products or
to comply with ongoing regulatory requirements; a lack of
acceptance of Vanda's product candidates in the marketplace, or a
failure to become or remain profitable; Vanda's inability to obtain
the capital necessary to fund its research and development
activities; Vanda's failure to identify or obtain rights to new
product candidates; Vanda's failure to develop or obtain sales,
marketing and distribution resources and expertise or to otherwise
manage its growth; a loss of any of Vanda's key scientists or
management personnel; losses incurred from product liability claims
made against Vanda; a loss of rights to develop and commercialize
Vanda's products under its license and sublicense agreements and
other factors that are described in the "Risk Factors" section
(Part II, Item 1A) of Vanda's quarterly report on Form 10-Q for the
quarter ended September 30, 2008 (File No. 000-51863). In addition
to the risks described above and in Part II, Item 1A of Vanda's
quarterly report on Form 10-Q, other unknown or unpredictable
factors also could affect Vanda's results. There can be no
assurance that the actual results or developments anticipated by
Vanda will be realized or, even if substantially realized, that
they will have the expected consequences to, or effects on, Vanda.
Therefore, no assurance can be given that the outcomes stated in
such forward-looking statements and estimates will be achieved. All
written and verbal forward-looking statements attributable to Vanda
or any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to
herein. Vanda cautions investors not to rely too heavily on the
forward-looking statements Vanda makes or that are made on its
behalf. The information in this release is provided only as of the
date of this release, and Vanda undertakes no obligation, and
specifically declines any obligation, to update or revise publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise. VANDA PHARMACEUTICALS INC.
(A Development Stage Enterprise) CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited) Three Months Ended Year Ended Dec. 31,
Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 Revenues from
services $- $- $- $- Operating expenses: Research and development
3,559,543 12,574,735 23,935,541 47,234,867 General and
administrative 4,095,118 9,472,938 28,909,580 32,803,508 Total
operating expenses 7,654,661 22,047,673 52,845,121 80,038,375 Loss
from operations (7,654,661) (22,047,673) (52,845,121) (80,038,375)
Interest income 150,642 1,299,076 1,780,880 5,907,219 Other income
- - - 71,345 Total other income, net 150,642 1,299,076 1,780,880
5,978,564 Loss before tax provision (7,504,019) (20,748,597)
(51,064,241) (74,059,811) Tax provision - (191) - 9,879 Net loss
$(7,504,019) $(20,748,406) $(51,064,241) $(74,069,690) Basic and
diluted net loss per share attributable to common stockholders
$(0.28) $(0.78) $(1.92) $(2.81) Shares used in calculation of basic
and diluted net loss per share attributable to common stockholders
26,652,187 26,644,540 26,650,126 26,360,177 VANDA PHARMACEUTICALS
INC. (A Development Stage Enterprise) CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited) December 31, December 31, 2008 2007
ASSETS Current assets: Cash and cash equivalents $39,079,304
$41,929,533 Marketable securities 7,378,798 43,243,960 Prepaid
expenses, deposits and other current assets 1,287,400 1,781,881
Total current assets 47,745,502 86,955,374 Marketable securities,
long-term - 7,979,331 Property and equipment, net 1,758,111
1,345,845 Deposits - 150,000 Restricted cash 430,230 430,230 Total
assets $49,933,843 $96,860,780 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $512,382 $2,988,069 Accrued
expenses 2,898,417 9,789,738 Total current liabilities 3,410,799
12,777,807 Long-term liabilities: Deferred rent 502,770 354,042
Total liabilities 3,913,569 13,131,849 Stockholders' equity: Common
stock 26,653 26,653 Additional paid-in capital 270,988,157
257,600,368 Accumulated other comprehensive income (loss) (20,029)
12,176 Deficit accumulated during the development stage
(224,974,507) (173,910,266) Total stockholders' equity 46,020,274
83,728,931 Total liabilities and stockholders' equity $49,933,843
$96,860,780 VANDA PHARMACEUTICALS INC. (A Development Stage
Enterprise) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Year Ended December 31, December 31, 2008 2007 Cash
flows from operating activities: Net loss $(51,064,241)
$(74,069,690) Adjustments to reconcile net income to net cash used
in operating activities: Depreciation and amortization 530,805
571,586 Stock-based compensation 13,387,789 19,622,814 Loss on
disposal of assets (173) 28,713 Accretion of discount on
investments (235,163) (1,571,905) Changes in assets and
liabilities: Prepaid expenses and other current assets 495,200
168,987 Deposits 150,000 - Accounts payable (2,475,697) 204,029
Accrued expenses (6,892,577) 3,465,028 Deferred grant revenue -
(147,464) Other liabilities 148,728 86,644 Net cash used in
operating activities (45,955,329) (51,641,258) Cash flows from
investing activities: Purchases of property and equipment (943,659)
(279,433) Proceeds from sales of property and equipment - 200,179
Purchases of marketable securities (14,786,080) (138,953,879)
Proceeds from sales of marketable securities 11,258,094 3,577,859
Maturities of marketable securities 47,560,000 86,695,000 Net cash
provided by (used in) investing activities 43,088,355 (48,760,274)
Cash flows from financing activities: Proceeds from exercise of
stock options and warrants - 148,640 Proceeds from issuance of
common stock, net of issuance costs - 111,254,850 Net cash provided
by financing activities - 111,403,490 Effect of foreign currency
translation 16,745 (1,320) Net increase (decrease) in cash and cash
equivalents (2,850,229) 11,000,638 Cash and cash equivalents,
beginning of period 41,929,533 30,928,895 Cash and cash
equivalents, end of period $39,079,304 $41,929,533 DATASOURCE:
Vanda Pharmaceuticals Inc. CONTACT: Stephanie R. Irish, Acting
Chief Financial Officer of Vanda Pharmaceuticals Inc.,
+1-240-599-4500, Web Site: http://www.vandapharma.com/
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