Vanda raises $58M in follow-on

Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) raised $58 million through the sale of 5 million shares at $11.60 in a follow-on underwritten by Jefferies; Piper Jaffray; JMP Securities; and Canaccord. The neurology company proposed the offering on Tuesday, when its share price was $12.03.

Vanda said it would use the proceeds to commercialize Hetlioz tasimelteon in the U.S. FDA approved the melatonin MT1 and MT2 receptor agonist in January to treat non-24-hour sleep wake disorder. The drug is under EMA review, with a decision expected in 3Q15. ...