Vanda Pharmaceuticals, Inc. (VNDA)

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7:35AM Vanda Pharma reports Q4 results (VNDA) 10.63 : Vanda Pharma reports Q4 earnings of ($0.34) vs ($0.16) First Call consensus; revs of $4.55 mln vs $3.34 mln First Call consensus. Co reports that their primary objective over the next quarter is to conserve cash while supporting the Fanapt launch. In addition, the Company intends to engage in discussions with several foreign regulatory agencies to review their filing requirements with respect to Fanapt(TM). Vanda also plans to continue the clinical, regulatory and commercial evaluation of tasimelteon. Although Vanda incurred transaction-related costs of approximately $6.0 million in the fourth quarter of 2009, which included financial advisor fees, consulting fees, legal expenses and employee bonuses, and $2.0 million in Fanapt inventory costs, Vanda's fixed overhead costs are expected to be ~$10.0 mln to $12.0 mln annually. Vanda will recognize revenue of $26.8 million in 2010 for the amortization of the deferred upfront payment received from Novartis.