Biopharmaceutical company Vanda Pharmaceuticals Inc. (VNDA) said Monday that its net loss for the second quarter narrowed from last year. The company reported a second quarter net loss of $12.392 million or $0.46 per share, compared to a net loss of $13.494 million or $0.51 per share reported last year.
On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.41 per share. Analysts' estimates typically exclude special items.
Total expenses for the quarter were $12.41 million, compared to $13.94 million for the second quarter of 2008. Research and development expenses for the second quarter amounted to $7.2 million, compared to $5.5 million for the second quarter of 2008. The company noted that the increase in R&D expenses in the latest period is primarily due to the regulatory consulting fees paid and/or accrued as a result of the approval of schizophrenia drug Fanapt by the U.S. Food and Drug Administration.
For the first half of the year, the company's net loss narrowed to $18.90 million or $0.71 per share from $32.69 million or $1.23 per share in the prior year period.
Based on its current operating plans, Vanda believes that its existing cash, cash equivalents and marketable securities, will be sufficient to meet its anticipated operating needs through 2009.
Further, the company said it is currently evaluating alternative commercial strategies for Fanapt, including launching Fanapt on its own as well as entering into one or more partnerships, other collaboration agreements or strategic transactions that may provide capital to support Vanda's operations.
VNDA closed Friday's regular trade at $15.52, down from the previous close of $15.72 on 411,900 shares.
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