Vanda Pharmaceuticals Inc was incorporated in Delaware in 2002 and began operations in March 2003. The Company is a biopharmaceutical company engaged in the development and commercialization of products for the treatment of central nervous system disorders. It operates in one business segment which is the development and commercialization of pharmaceutical products. Its product portfolio includes: HETLIOZ, a product for the treatment of Non-24-Hour Sleep-Wake Disorder, which was approved by the U.S. FDA in January 2014; Fanapt, a product for the treatment of schizophrenia, the oral formulation of which is currently being marketed and sold in the U.S. by Novartis Pharma AG; and VLY-686, a small molecule neurokinin-1 receptor antagonist. The Company utilizes a virtual supply manufacturing and distribution chain in which it does not have its own facilities to manufacture commercial or clinical trial supplies of drugs and does not have its own distribution facilities.