Vanda Pharmaceuticals Inc was incorporated in Delaware on November 13, 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. Its product portfolio includes HETLIOZ (tasimelteon), a product for the treatment of Non-24-Hour Sleep-Wake Disorder, which was approved by the U.S. FDA in January 2014; Fanapt (iloperidone) a product for the treatment of schizophrenia, the oral formulation; Tradipitant (VLY-686), a small molecule neurokinin-1 receptor (NK-1R) antagonist, which is in clinical development for the treatment of chronic pruritus in atopic dermatitis; Trichostatin A, a small molecule histone deacetylase (HDAC) inhibitor; and AQW051, a Phase II alpha-7 nicotinic acetylcholine receptor partial agonist. 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. The Company faces competition from competitors including Sunovion Pharmaceuticals Inc., Pfizer Inc., Takeda Pharmaceuticals Company Limited, Pernix Therapeutics, Merck & Co., Inc., Teva Pharmaceutical Industries Ltd, Neurim Pharmaceuticals, Ortho-McNeil-Janssen Pharmaceuticals, Inc., Eli Lilly and Company, Alkermes, Inc and Actavis PLC. The Company's business is subject to extensive government regulation and oversight.