Boston, MA, 11/13/2013 (wallstreetpr) – Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) the pharmaceutical major that is in the business of developing and sales of drugs for the treatment of diseases of the central nervous system has declared its third quarter financial and operational results. Its full revenues for the quarter were $8.7 million, as compared to the $8.3 million in the same period last year. The revenues in this quarter included $2.0 million in royalties that the company received from Novartis for Fanapt(®)as compared to the sum of $1.5 million it received in the same period last year as royalties.
Its operating expenses for the quarter were $14.1 million, as compared to the $13.7 it spent in the same period last year. Its R& D expenses for the quarter were $8.0 million that included $3.5 million in milestones linked to the FDA acceptance of the tasimelteon filing. The major reason for the Lower expenditure of the company on R&D in the quarter was conclusion of the tasimelteon Non-24 and Major Depressive Disorder efficacy studies. The company had spent $10.2 million on R&D in the same period last year.
Its general and administrative expenses of $5.7 million in the quarter was 2.6 million higher than the same period last year was due to the heightened marketing activity the company undertook for the possible tasimelteon launch in the United States
In the third quarter the company’s total loss was $5.4 million as compared to a total loss of $5.3 million in the same period last year. In the third quarter the company recorded a diluted net loss per share was $0.17, as compared to the diluted net loss per share of $0.19 in the same year.
The amount of cash, cash equivalents and marketable securities (Cash) went up by $38.5 million to $142.2 million in the quarter, mainly due to the company’s IPO offering of its common shares in August this year.
