Interim Management Statement

Vectura Group plc

Interim Management Statement

Chippenham, UK - 18 February 2010: Vectura Group plc (LSE: VEC) ("Vectura"), today publishes an interim management statement for the period from 1 October 2009 to 17 February 2010.

Pipeline Update

·; NVA237 (COPD) Phase III clinical studies on-going and Novartis expect to file for approval in 2011

·; QVA149 (COPD) Phase III clinical studies expected to start in Q2, triggering a $7.5m milestone payment to Vectura

·; VR315 and VR632 (asthma/COPD products) development progress continues

·; VR040 (Parkinson's disease) Phase II "at home" study on-going; results expected in 2010

·; VR496 (cystic fibrosis) Phase II proof-of-concept results expected in early 2011

·; Exploratory development projects progressing; further announcements during 2010

·; Conclusion of the Boehringer Ingelheim collaboration announced in November 2009

Financial update

On 27 November 2009, Vectura reported its interim results for the six-months ended 30September. Revenue for the first six-months of the financial year of was £22.8m, 71% ahead of the same period the previous year. Gross profit increased 86% to £21.2m and the Company made a research and development investment of £18.5m.

Vectura's performance from the 1 October 2009 to date has been in line with the Board's expectations and it is expected that cash will be in excess of £64m at 31 March 2010.

Outlook

The Company looks forward to the initiation of the QVA149 Phase III study in Q2 2010, continued progress on VR315, clinical trial results for VR496 and VR040, as well as continued licensing activities on its non-respiratory assets.

Dr Chris Blackwell, Chief Executive of Vectura, commented:

"Development of our clinical pipeline continues to make good progress, with NVA237 in Phase III and QVA149 due to enter Phase III shortly. Filing of these products is expected in 2011 and 2012 respectively, and we continue to believe they will be major contributors to our future success. Our strong financial position continues to stand us in good stead, allowing us to invest in our own pipeline and moving us towards our goal to become a sustainably cash-generative company."

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About Vectura

Vectura Group plc is a company 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 Novartis, Sandoz (the generics arm of Novartis), Baxter, GlaxoSmithKline (GSK), Mylan and Otsuka. 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 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.