< 2006 News Listings Vanda Pharma Sets Terms for 5.75 mln Share IPO New York, NY March 17, 2006 Vanda Pharmaceuticals Inc. may offer up to 5.75 million shares for between $12 and $14 a share in an initial public offering, according to a regulatory filing on Friday. The lead underwriters for the offering are JPMorgan and Banc of America Securities LLC, according to the filing with the U.S. Securities and Exchange Commission. Vanda is a development stage company currently testing three products for central nervous system disorders. The company has two drugs in Phase III clinical trials, one stage short of possible U.S. regulatory approval. One drug is for the treatment of schizophrenia and the other for insomnia. Vanda is also developing a drug for excessive sleepiness currently in Phase II trials, the filing said. Assuming the offering prices at $13 a share, the mid-point of the expected range, the company would have an initial market capitalization of about $279 million. The company generated no revenue in 2005 and lost $57.4 million, including a $33.5 million dividend to preferred shareholders, the prospectus said. The company said it intends to use the proceeds from funding clinical development and other general purposes the filing said. The Rockville, Maryland-based company has applied for a Nasdaq listing under the symbol "VNDA".
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