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Vanda slides after drug fails PhII/III for depression

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Shares of Vanda Pharmaceuticals ($VNDA) took a hit this morning after the biotech said that tasimelteon had failed a Phase II/III study for depression. The drug performed just about as well as a placebo, a common occurrence in the depression R&D field. The biotech says it is dumping its depression program, noting that the drug recently posted upbeat results for non-24-hour disorder, a rare sleep disease. Release