VR315 US completes clinical study

VR315 is a generic, inhaled combination therapy for asthma/COPD delivered using Vectura's proprietary dry powder inhaler and formulation technology.

Vectura has also confirmed that its partner for this programme and VR506 US, is Roxane Laboratories, Inc. a subsidiary of Boehringer Ingelheim Corporation, based in Ridgefield, CT, and a member of the Boehringer Ingelheim group of companies. VR506 is a generic, inhaled monotheraphy (corticosteroid) for asthma delivered using Vectura's proprietary dry powder inhaler and formulation technology.

In August 2011, Vectura signed a licence agreement with Roxane Laboratories, Roxane Laboratories, Inc. is a subsidiary of Boehringer Ingelheim Corporation and a member of the Boehringer Ingelheim group of companies, for the development, manufacturing and commercialisation of VR315 in the US. To date, Vectura has announced development milestones under this agreement totalling $12m.

Vectura is eligible to receive a further $23m upon achievement of future pre-determined development milestones on VR315. These milestones, together with the initial payment of $10m in August 2011, total $45m. In addition, Vectura will receive a royalty from all sales of VR315 in the US.

To date, Vectura has previously received an initial cash milestone payment on VR506 of $4 million and a further $8 million could be received upon achievement of pre-determined development milestones. In addition, Vectura will receive a royalty from all sales of VR506 in the US.

James Ward-Lilley CEO, commented: "This announcement marks an important step in the progression to market for our VR315 programme. With the completion of this important clinical trial and details of the study and partner disclosed we now look forward to submission of the file, positioning VR315 competitively in what will be a major value opportunity."