Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Polymeropoulos Mihael Hristos
2. Date of Event Requiring Statement (Month/Day/Year)
04/12/2006
3. Issuer Name and Ticker or Trading Symbol
Vanda Pharmaceuticals Inc. [VNDA]
(Last)
(First)
(Middle)
9605 MEDICAL CENTER DRIVE, SUITE 300
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

ROCKVILLE, MD 20850
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Nonqualified Stock Option (Right to Buy)   (1) 05/05/2013 Common Stock 149,074 (5) $ 0.33 (6) D  
Nonqualified Stock Option (Right to Buy)   (2) 02/10/2015 Common Stock 128,408 (5) $ 0.33 (6) D  
Nonqualified Stock Option (Right to Buy)   (3) 09/28/2015 Common Stock 413,620 (5) $ 0.33 (6) D  
Nonqualified Stock Option (Right to Buy)   (4) 12/19/2015 Common Stock 190,373 (5) $ 4.73 (6) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Polymeropoulos Mihael Hristos
9605 MEDICAL CENTER DRIVE
SUITE 300
ROCKVILLE, MD 20850
  X     Chief Executive Officer  

Signatures

/s/ Mihael H. Polymeropoulus 04/12/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Exercisable with respect to 108,699 of the shares immediately. Exercisable with respect to an additional 2.08333% of the aggregate option share total each month thereafter.
(2) Exercisable with respect to 37,452 of the shares immediately. Exercisable with respect to an additional 2.08333% of the aggregate option share total each month thereafter.
(3) Exercisable with respect to 25% of the shares on 09/28/06. Exercisable with respect to an additional 2.08333% of the aggregate option share total each month thereafter.
(4) Exercisable with respect to 25% of the shares on 12/29/06. Exercisable with respect to an additional 2.08333% of the aggregate option share total each month thereafter.
(5) Reflects a 1-for-3.309755 reverse stock split to occur immediately following the effectiveness of the registration statement covering the issuer's initial public offering.
(6) Reflects the converted exercise price of each option share pursuant to the 1-for-3.309755 reverse stock split to occur immediately following the effectiveness of the registration statement covering the issuer's initial public offering.

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