Vectura Group plc, the inhalation product development company, announces that it has received a €2.5 million European milestone payment in relation to progress on the development of its combination asthma/COPD product VR315.
Combination therapy for asthma and COPD is the biggest and fastest growing sector of the respiratory market, with annual sales currently exceeding US$10 billion. VR315 is being developed as a generic product delivered with Vectura's GyroHaler Dry Powder Inhaler (DPI) delivery device. Vectura licensed the European rights for VR315 to Sandoz, the generics division of Novartis, in March 2006 and the US rights were licensed to them on a cost share/profit share basis in December 2006.
Dr Chris Blackwell, chief executive of Vectura, commented, "VR315 is a major opportunity and this payment is indicative of the progress we are making. Our VR315 programmes are linked, so progress in Europe is also likely to benefit our US programme. Further news will be announced as this product gets closer to market."
Vectura Group plc is a product focused company that develops inhaled therapies principally for the treatment of respiratory diseases.