13th Aug 2009 07:00
Vectura Group plc
Vectura receives $6m milestone payment for VR315
Chippenham, UK - 13 August 2009: Vectura Group plc (LSE: VEC) ("Vectura"), the inhalation product development company, announces that it has received a US$6m (£3.6m) US 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 US rights for VR315 to Sandoz, the generics division of Novartis, in December 2006 on a profit share basis. Vectura licensed the EU rights to Sandoz in March 2006.
Dr Chris Blackwell, Chief Executive of Vectura, commented:
"The achievement of this US milestone demonstrates further progress on VR315. This receipt follows shortly after our €2.5m (£2.2m) VR315 European milestone payment, received in April 2009. More news will be announced as the product gets closer to market."
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Enquiries:
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Vectura Group plc |
+44 (0)1249 667700 |
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Chris Blackwell, Chief Executive |
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Anne Hyland, Chief Financial Officer |
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Julia Wilson, Director of Investor Relations |
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Financial Dynamics |
+44 (0)20 7831 3113 |
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Ben Atwell |
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Susan Quigley |
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Notes for Editors:
About Vectura
Vectura Group plc is a product-focused Group that develops inhaled therapies principally for the treatment of respiratory diseases. Vectura's main products target diseases such as asthma and chronic obstructive pulmonary disease (COPD); a growing market that is currently estimated to be worth $20 billion. Vectura also develops products for other lung pathologies and non-respiratory diseases.
Vectura has eight products marketed by its partners and a portfolio of drugs in clinical and pre-clinical development, some of which have been licensed to major pharmaceutical companies. Vectura seeks to develop certain programmes itself where this will optimise value. Vectura's formulation and inhalation technologies are available to other pharmaceutical companies on an out-licensing basis where this complements Vectura's business strategy.
Vectura has development collaborations with several pharmaceutical companies, including Boehringer Ingelheim, Novartis, Sandoz (the generics arm of Novartis), Baxter, GlaxoSmithKline (GSK), Mylan, UCB and Otsuka. Vectura has been included in the FTSE 250 index since 23 March 2009. For further information, please visit Vectura's website at www.vectura.com
Forward-Looking Statements
This press release contains "forward-looking statements", including statements about the discovery, development and commercialisation of products. Various risks may cause Vectura's or Sosei's actual results to differ materially from those expressed or implied by the forward-looking statements, including adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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