24th Jun 2014 09:27
LONDON (Alliance News) - Vectura Group PLC said Tuesday that it has received a USD1.5 million milestone payment related to the development of its VR315 compound for asthma and chronic obstructive pulmonary disease in the US.
The milestone was triggered under a licence agreement with the US division of an international pharmaceutical company, which Vectura did not name.
It has received development milestones of USD6 million for the compound so far. It is eligible for a further USD27.5 million in further milestones as well as royalties from sales of the product in the US.
Vectura received an initial payment of USD10 million under the agreement.
"This announcement illustrates the continued progress being made in the development of VR315, a major part of our high value respiratory generic portfolio in the US, and provides another cash milestone to Vectura," said Chief Executive Chris Blackwell in a statement.
Shares in Vectura were trading up 0.9% at 133.10 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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