Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA) is a biopharmaceutical company focused on developing new medicines and using novel approaches to improve the lives of patients. The company’s specific focus is on developing and commercializing clinical-stage products for central nervous system disorders. Vanda retains exclusive worldwide commercial rights to two products in clinical development for various central nervous system disorders.

The company’s lead product, iloperidone, which the Company intends to market under the tradename Fanapt, is being developed to treat adult patients with schizophrenia. Last month, Vanda announced that the U.S. Food and Drug Administration (FDA) granted marketing approval of Fanapt. Unlike some other antipsychotics, Fanapt has a low incidence of extrapyramidal symptoms and a placebo-like rate of akathisia. Vanda anticipates launching the product by the fourth quarter of this year.

The company’s other compound in development, Tasimelteon, is being developed to treat sleep and mood disorders. Vanda has already completed phase 2 and 3 studies that demonstrated significant improvement in sleep onset and sleep maintenance without next-day residual effects. Tasimelteon also caused a shift in the intrinsic circadian rhythm as measured by the body’s own production of melatonin. Vanda anticipates submitting a marketing application in the U.S. in mid-2011.

Since inception, the company has devoted its efforts to business planning, research and development, market research, recruiting management and technical staff, acquiring operating assets and raising capital. Currently, Vanda has sufficient working capital to operate throughout the rest of this year and is re-evaluating its longer-term operating plans due to the approval of Fanapt. With an experienced team and a stable of clinical stage compounds, the company is well positioned for rapid growth in the near future.