Executives

Stephanie Irish - Acting CFO

Mihales Polymeropoulos - President and CEO, Director

Analysts

David Moskowitz - Madison Williams

Oren Livnat - Jefferies

Presentation

Operator

Good day, ladies and gentlemen and welcome to the fourth quarter 2009 Vanda Pharmaceuticals Incorporated earnings conference call. My name is Tawanda and I'll be your coordinator for today. At this time, all participants are in listen-only mode. We will be conduct a question-and-answer session towards the end of today's conference. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to Ms. Stephanie Irish. You may proceed.

Stephanie Irish

Thank you, Tawanda. Good morning and thank you for joining us to discus Vanda Pharmaceutical's fourth quarter and full year 2009 performance. Our fourth quarter and full year 2009 results were released this morning and are available on the SEC's EDGAR system and on our website www.vandapharma.com. In addition, we are providing live and archived versions of this conference call on our website, and a telephone replay of the call will be available through February 23, 2010.

Joining me on today's call is Dr. Mihael Polymeropoulos, our President and CEO. Following my introductory remarks, Dr. Polymeropoulos will update you on our ongoing activities, then I will comment on our financial results for the fourth quarter and full year 2009 before opening the lines for your questions.

Before we proceed, I would like to remind everyone that various statements that we make on this call will be forward-looking statements within the meaning of federal securities laws. Words such as, but not limited to, belief, expect, anticipate, estimate, intend, plan, target, likely, will, would and could and similar expressions or words will identify forward-looking statements. Our forward-looking statements are based upon current expectations that involve changes in circumstances, assumptions and uncertainties and other risks. These risks are described in the Risk Factor section of our quarterly report on the Form 10-Q for the fiscal quarter ending September 30, 2009 which is also available SEC Edgar system and on our website. We encourage all investors to read this report and our other SEC filings. The information we provide on this call is provided only as of today and we undertake no obligation to update any forward-looking statements we may make on this call on account of new information, future events or otherwise, as excepted required by law.

With that said, I would now like to turn the call over to our CEO, Mihales Polymeropoulos.

Mihales Polymeropoulos

Good morning and thank you very much for joining us. In the fourth quarter of 2009, Vanda achieved a very significant milestone towards the commercialization of our first product, Fanapt, for the treatment of schizophrenia.

In October, we announced the commercialization in development partnership with Novartis Pharmaceutical for the US and Canada. As a result of this collaboration Vanda received an upfront payment of $200 million at the end of December. As we previously announced, Novartis launched Fanapt in the US in the year of 2010 for the treatment of patients with schizophrenia. We believe that Fanapt will offer an important new option in the treatment of these patients and as such, we are excited about the potential value Vanda may derive through the Novartis partnership.

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