BOSTON, Mass. ( TheStreet) -- Vanda Pharmaceuticals' ( VNDA - Get Report) buyout partner remains missing in action. No more improper drug marketing claims from Oculus Innovative Sciences ( OCLS. Sequenom ( SQNM walks back expectations for its Downs syndrome gene test -- these are some of the random notes and observations from second-quarter earnings.

Vanda Pharmaceuticals

Vanda reported a higher-than-expected loss for the second quarter Monday, but it's what the company didn't report -- a buyout or marketing partnership for its schizophrenia drug Fanapt -- which disappointed investors the most.

Three months have passed since the U.S. Food and Drug Administration's approval of Fanapt surprised everyone (including Vanda, from what I hear), yet the company seems no closer to launching the drug.

Vanda bulls are hoping the company is acquired outright, or at the very least, Vanda manages to license Fanapt to a larger drug company in exchange for a hefty sales-based royalty. Monday, however, the company said it was still evaluating all its options, which includes launching the drug on its own.

Vanda CEO Mihael Polymeropoulos said Monday that the company's plan is to have Fanapt available to patients in the fourth quarter. Yet if Vanda tries to sell Fanapt on its own, the stock will get crushed.

One other Vanda related question -- who is the mystery "regulatory consultant" paid $5 million by Vanda for his assistance in getting Fanapt approved by the FDA?

Vanda shares closed down 10.2% to $13.93 on Monday.

Oculus Innovative Sciences

Surprise, surprise! Oculus CEO Hoji Alimi didn't make any medical or drug-like claims about the company's wound cleaning product Microcyn on the second-quarter conference call last Thursday night.

Microcyn is a liquid- and gel-based antiseptic made from a form of diluted bleach that is sold over the counter for $20 a bottle. The U.S. Food and Drug Administration allows Oculus to market Microcyn as a wound cleaner under the agency's regulation of simple medical devices known as 510(k) approvals.

Yet, as I reported recently, Oculus has been marketing Microcyn as a drug with specific medical claims that the product cures infections, accelerates wound healing and reduces inflammation in patients with serious diabetic ulcers, according to comments made by Alimi and his CFO Bob Miller on the company's last quarterly conference call held June 11.

All these medical claims run afoul of FDA rules, of course.

Perhaps someone at the agency sent a letter to Oculus or the company's lawyers stepped in with a warning, because on Thursday night Alimi and Miller were back to describing Microcyn as just a "wound cleaner" and "protector."

Meantime, watch for the possibility that channel stuffing is at least partly responsible for Microcyn's sales growth reported in the quarter.

Accounts receivable grew 40% quarter over quarter, while Microcyn sales grew 31% quarter over quarter.

The company is still losing money, burning cash and heavily dependent on Mexico, which accounts for almost 80% of Microcyn sales of $1.56 million in the quarter. U.S. sales, by comparison, totaled just $131,000.

Sequenom

Sequenom CEO Harry Stylli appeared to walk back expectations even further for the launch of its genetic test for Down's syndrome Thursday night as the investigation continues into the data-fabrication scandal that rocked the stock in April.

Stylli said Thursday that Sequenom "hopes" to launch its non-invasive gene test for Down's syndrome in 2010, adding that the company "remains cautious about timelines and milestones."

That's a less assured statement than the one Stylli offered in April, when he said the company thought it could launch the Down's test in 2010.

Meantime, the company's quasi-independent investigation into how clinical data for the Down's test was "mishandled," including who is responsible, continues with no resolution.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.