Vanda Pharmaceuticals narrows loss

Posted: 7:04 pm Mon, November 2, 2009
By Daily Record Staff

Vanda Pharmaceuticals Inc., of Rockville, which develops drugs to treat disorders of the central nervous system, said it narrowed its third-quarter net loss to $7.7 million, or 28 cents per share, compared to a net loss of $10.9 million, or 41 cents per share, in the year-ago period. The company reported no revenue in either year.

Vanda said its operating costs decreased due to a reduction in research and development expenses in the third quarter of 2009 compared to 2008. It attributed the reduction in R&D primarily to completion in 2008 of a Phase III clinical trial of a drug to treat chronic insomnia.