Vanda Pharmaceuticals Inc. — Director's Dealing 2009

May 13, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Vanda Pharmaceuticals Inc. (VNDA)
CIK: 0001347178
Period of Report: 2009-05-11

Reporting Person: Irish Stephanie Rast (Sr. VP, Acting CFO/Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-11	Common Stock	M	20000	—	Acquired	20000	Direct
2009-05-12	Common Stock	S	7551	$10.1109	Disposed	12449	Direct
2009-05-13	Common Stock	S	10000	$12.00	Disposed	2449	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-05-11	Restricted Stock Units	$	M	20000	Disposed		Common Stock (20000)	Direct

Footnotes

F1: The Restricted Stock Units represented a contingent right to receive a share of the Issuer's common stock which vested upon the Issuer's receipt of approval by the United States Food & Drug Administration of its New Drug Application for Fanapt(TM) (iloperidone) on May 6, 2009.

F2: N/A