VEC.L Share News (VEC)

(ShareCast News) - Vectura Group made a big step forward in the development of two of its products on Friday, VR315 and VR506, with the completion of a US clinical trial and the disclosure of its US development partner.The FTSE 250 firm described VR315 as a generic, inhaled combination therapy of fluticasone and salmeterol, delivered to asthma and chronic obstructive pulmonary disease sufferers using a proprietary dry powder inhaler and Vectura's formulation technology.Vectura also confirmed that its partner in developing the VR315 programme, as well as the VR506 product, was Roxane Laboratories - a subsidiary of Boehringer Ingelheime based in Connecticut.It described VR506 as a generic inhaled monotherapy containing a corticosteroid, delivered to asthma sufferers using the dry powder inhaler and Vectura's formulation.Vectura said it had been in partnership with Roxane Labs on the programme since August 2011, and had so far announced development milestones under the licensing agreement totalling $12m (£8.21m).The company said it would be eligible to receive a further $23m upon achievement of pre-determined milestones on VR315. Together with the initial $10m payment in 2011, the milestones would total $45m, and Vectura would also receive a royalty from all US sales of VR315.On the VR506 project, Vectura had already received an initial cash milestone payment of $4m, with a further $8m payable on the achievement of future pre-determined milestones, as well as royalties on any US sales.It said it had completed a clinical trial in the US for the drug, but did not disclosed any further details."This announcement marks an important step in the progression to market for our VR315 programme", said Vectura CEO James Ward-Lilley."With the completion of this important clinical trial and details of the study and partner disclosed, we now look forward to submission of the file, positioning VR315 competitively in what will be a major value opportunity", he added.