8th Jan 2016 07:29
LONDON (Alliance News) - British-based pharmaceutical firm Vectura Group PLC Thursday said it has completed a clinical trial for VR315 in the US, its generic therapy for asthma, and provided an update on one of its other developments.
VR315 is inhaled by patients using Vectura's proprietary dry powder inhaler and formulation technology, and the company said it can now confirm its partner for the VR315 and also the VR506 programmes in the US is Roxane Laboratories Inc, a subsidiary of Boehringer Ingelheim Corp.
VR506 is also a treatment for asthma which is inhaled using Vectura's technology.
Vectura signed a licence agreement with Roxane back in 2011, whereby the pair would work together on developing, manufacturing and commercialisation of VR315 in the US. To date, Vectura has announced "development milestones" under the agreement totalling USD12.0 million, it said.
The company said it is eligible to receive another USD23.0 million from the agreement once future milestones are hit. When combined with the initial USD10.0 million payment paid back in 2011, the development milestones total USD45.0 million. Vectura will also receive an additional royalty once sales start.
On VR506, Vectura has received an initial payment of USD4.0 million and a further USD8.0 million could be received once further development milestones are hit, and the company will once again receive a royalty once sales start.
"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," said Chief Executive James Ward-Lilley.
By Joshua Warner; [email protected]; @JoshAlliance
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