Vanda Pharmaceuticals Inc today announced financial and operational results for the first quarter ended March 31, 2015.

“The first quarter of 2015 was a record quarter for product sales driven by Hetlioz and Fanapt. As we are just at the beginning of accessing the 80,000 Non-24 patients in the US, the growth potential for Hetlioz remains ahead,” says Mihael H. Polymeropoulos MD, Vanda’s president and CEO, in a release.

Financial Highlights

First quarter of 2015: Total net product sales increased by 268% over the prior quarter to $22.2 million, driven by the growth in Hetlioz sales and the acquisition of the Fanapt product rights.

Net loss for the first quarter of 2015 was $10.2 million, or $0.24 per share, compared with a net loss of $26.5 million, or $0.79 per share, for the same period in 2014.
Cash, cash equivalents and marketable securities increased by $4.5 million to $134.3 million as of March 31, 2015, as compared to $129.8 million as of December 31, 2014.

Hetlioz (tasimelteon)

Hetlioz net product sales grew to $7.5 million the first quarter of 2015, a 24% increase compared to $6.0 million in the fourth quarter of 2014. As of March 31, 2015, patients on active Hetlioz treatment grew by 22%, compared to the fourth quarter of 2014.

In April 2015, the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use adopted a positive opinion for Hetlioz for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24). A final decision is expected by the end of the second quarter of 2015.

Hetlioz life cycle management activities continue to progress with a Hetlioz interventional study for the treatment of Smith-Magenis Syndrome and a Hetlioz pediatric pharmacokinetic study each expected to begin by the end of 2015.