Welcome to our dedicated page for Vanda Pharmaceuticals news (Ticker: VNDA), a resource for investors and traders seeking the latest updates and insights on Vanda Pharmaceuticals stock.
Vanda Pharmaceuticals Inc., traded under the symbol VNDA on Nasdaq, is a specialty biopharmaceutical company dedicated to the development and commercialization of innovative therapies. Vanda's primary focus is on addressing high unmet medical needs to improve the lives of patients. The company's commercial portfolio includes HETLIOZ for Non-24-Hour Sleep-Wake Disorder and nighttime sleep disturbances in Smith-Magenis Syndrome, and Fanapt for schizophrenia. Recently added to its portfolio is PONVORY, a treatment for multiple sclerosis.
Other promising products in Vanda's pipeline include VHX-896, ASO Molecules, VQW-765, Tradipitant (in clinical studies for gastroparesis and motion sickness), and VTR-297. Vanda's robust R&D efforts are highlighted by substantial advancements, such as the initiation of clinical programs in conditions like depression, psoriasis, ulcerative colitis, and pediatric insomnia.
In recent financial news, Vanda reported a net loss of $4.1 million for Q1 2024, a shift from a net income of $3.3 million in Q1 2023. Despite this, the company maintains a strong cash position and expects significant growth from upcoming milestones, including the launch of Fanapt in acute bipolar I disorder and PONVORY in multiple sclerosis.
Recently, Vanda made headlines with the FDA approval of tradipitant for preventing vomiting induced by motion sickness, and the commencement of a comprehensive marketing program for PONVORY following its acquisition from a Johnson & Johnson company. Additional corporate activities involve evaluating unsolicited acquisition proposals, indicating a strategic interest in Vanda’s innovative portfolio.
For more detailed information, investors can visit www.vandapharma.com and follow Vanda on social media platforms.
Vanda Pharmaceuticals has announced its participation in SLEEP 2024, a conference set to take place in Houston, TX from June 1-5, 2024. The company will present four research studies on June 4, 2024, conducted by Dr. Sandra Paulina Smieszek, Head of Genetics. The presentations will cover drug and CRISPR/Cas9 screening of HCN channels, the impact of melanopsin crispants in zebrafish on sleep latency, genetic variants linked to dim light melatonin onset in delayed sleep-wake phase disorder (DSWPD) patients, and genetic variants associated with total sleep time (TST) and latency to persistent sleep (LPS) in insomnia patients based on whole genome sequencing.
On May 24, 2024, Vanda Pharmaceuticals' Board of Directors announced its unanimous decision to reject Future Pak, 's revised unsolicited takeover proposal. The offer included a cash price of $7.25 to $7.75 per share plus Contingent Value Rights (CVRs). The Board, advised by independent financial and legal experts, concluded that the proposal undervalues Vanda, poses significant risks, and is not in shareholders' best interests. Key considerations included Vanda's clinical development pipeline, robust revenue, strong cash position, and the speculative nature of the CVRs. Vanda remains confident in its potential for long-term growth and value creation.
Vanda Pharmaceuticals announced positive results from the second Phase III study of tradipitant for motion sickness. Conducted in real-world conditions, the study involved 316 participants on boat trips across the U.S. coast between September 2023 and April 2024. Tradipitant significantly reduced vomiting, with 10.4% and 18.3% of participants experiencing vomiting on 170 mg and 85 mg doses, respectively, compared to 37.7% on placebo. Additionally, 13.3% of participants reported severe nausea and vomiting on tradipitant versus 33% on placebo. Vanda plans to submit a New Drug Application (NDA) for tradipitant in Q4 2024.
Vanda Pharmaceuticals reported their first quarter 2024 financial results with revenues of $47.5 million, a 5% increase from the previous quarter. The company achieved various milestones, including FDA approval for Fanapt® in bipolar I disorder, with commercial launch expected in Q3 2024. Additionally, they anticipate submitting the NDA for Milsaperidone in schizophrenia and bipolar disorder in early 2025. Vanda also expects to launch PONVORY® for multiple sclerosis in Q3 2024 and has ongoing clinical trials for Tradipitant for various conditions. Financially, total net product sales decreased by 24% compared to the first quarter of 2023. Net loss was $4.1 million, and cash reserves increased to $394.1 million. Despite challenges, Vanda remains optimistic about future growth.
Vanda Pharmaceuticals has received a revised unsolicited takeover proposal from Future Pak offering $7.25 to $7.75 per share in cash plus Contingent Value Rights. Vanda's Board of Directors will review the proposal to determine the best course of action. Shareholders do not need to take any action at this time.
Future Pak has increased its offer for Vanda Pharmaceuticals, including Contingent Value Rights (CVRs) along with $7.25 to $7.75 per share in cash. The increased offer could provide up to $260 million in potential value, translating to $11.62 to $12.12 per share, a 187% to 199% premium to Vanda's unaffected share price. Despite Vanda's actions to limit shareholder influence, Future Pak remains committed to the transaction.
Vanda Pharmaceuticals will announce its first quarter 2024 financial results on May 8, 2024, followed by a conference call where management will discuss the results and corporate activities. Investors can participate by dialing in or accessing the webcast.
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