VR315 US Development Milestone

Vectura Group has triggered a further milestone associated with the development of VR315 in the US. VR315 is a combination therapy for asthma/COPD delivered using Vectura's proprietary technology.
 

In August 2011, Vectura signed a licence agreement with the US division of a leading international pharmaceutical company for the development, manufacturing and commercialisation of VR315 in the US.
 

To date, Vectura has announced development milestones under this agreement totalling $7.5 million.  The milestone announced today is an additional $1.5 million.
 

Vectura is eligible to receive a further $26 million upon achievement of future pre-determined development milestones. These milestones, together with the initial payment of $10 million in August 2011, total $45 million. In addition, Vectura will receive a royalty from all sales of VR315 in the US.
 

Dr Chris Blackwell, Chief Executive of Vectura: "This announcement of a further development milestone in 2014 continues to demonstrate the progress being made on the VR315 US development and forms a major part of our high value respiratory generic portfolio in the US."