Vanda doubles R&D spending in third-quarter 2006

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Vanda Pharmaceuticals Inc. reported research and development expenses in the third quarter of $9.5 million, up from $4.1 million in the third-quarter 2005.

Total expenses for the third quarter more than doubled to $12.8 million, from $5.8 million in the prior-year period.

The company had a net loss of $12.1 million for the third quarter of 2006, compared to a net loss of $24.2 million for the same period in 2005.

Total cash, cash equivalents and short-term investments was $43.0 million at Sept. 30, compared and $31.2 million as of Dec. 31, 2005.

The company said it would report the top-line results for its two current phase 3 trials before the end of the year, ahead of schedule.

Looking ahead, Vanda updated its full-year 2006 financial guidance to include total cash used from operations of approximately $55 million to $60 million and a total cash balance at Dec. 31, 2006 of between $25 million to $30 million. The company is also projecting a net loss for the year in the range of $65 million to $70 million.

Vanda is a Rockville, Md., biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.