LONDON (Alliance News) - Vectura Group PLC on Wednesday said it will receive a cash milestone payment of USD2 million following the completion of a clinical trial for VR315 in the US.
VR315 is a generic, inhaled combination therapy for asthma and chronic obstructive pulmonary disease, delivered using Vectura's proprietary dry powder inhaler and formulation technology.
Vectura said it is eligible to receive a further USD21 million upon achievement of future development milestones on VR315. The next planned milestone is USD10 million due to be paid upon acceptance for filing of the abbreviated new drug application by the US Food and Drug Administration. In addition, Vectura will receive a royalty from all sales of VR315 in the US.
Shares in Vectura were up 0.6% at 166.50 pence shortly after market open Wednesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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