VEC.L Share News (VEC)

Respiratory inhaler firm Vectura expects to receive a milestone payment of $7.5m in the financial year to 31 March 2011 as a result of the initiation of Phase III studies relating to QVA149, its chronic obstructive pulmonary disease (COPD) treatment.The company said the Phase III studies of QVA149 are now expected to take place in 2010 after indacterol, a respiratory treatment developed by Novartis, was recommended for approval last month in the European Union to treat patients with COPD following its regulatory submission in late 2008. QVA149 uses a combination of indacaterol and the long-acting muscarinic antagonist NVA237 (glycopyrronium bromide).Meanwhile, the Phase III trials with NVA237 are proceeding according to plan, the company said.'Progress with Phase III studies evaluating NVA237, and the rapid review and recommendation for approval of indacaterol in Europe, are both encouraging with regard to the development of QVA149,' said Dr. Chris Blackwell, chief executive of Vectura. 'We were impressed with the positive data at the European Respiratory Society meeting, and it continues to be our belief that QVA149 has the potential to be the first once-daily LAMA/LABA combination available to patients,' Dr. Blackwell added.