Nice update10 May 2010 09:34
* Triggers $7.5 mln payment to British company
* Vectura sees 25 pct rise in year revenue, narrowed loss
(Adds detail)
LONDON, May 10 (Reuters) - Vectura (VEC.L) said on Monday its Swiss partner Novartis (NOVN.VX) had started final-stage trials of a combination lung drug, triggering a $7.5 million milestone payment for the British company. The drug QVA149 -- which combines Vectura's "smoker's lung" drug NVA237 with Novartis's QAB149, or indacaterol -- had been expected to enter Phase III in the fourth quarter of last year, but was delayed by U.S. regulators wanting information on the dosing proposed for indacaterol.
Following the delay, Novartis said it did not expect to file QVA149 for regulatory approval in chronic obstructive pulmonary disease before 2012. It had previously targeted 2011.
Phase III trials with NVA237 on its own commenced in June 2009, and Novartis expected to file for approval in 2011, Vectura said.
In a trading update, also on Monday, Vectura said its revenue grew by more than 25 percent in the year to end March -- to 38-42 million pounds -- and its after-tax loss would be significantly reduced on the 16.7 million pounds ($25.83 million) in 2009. (Reporting by Paul Sandle; Editing by Victoria Bryan) ($1=.6465 Pound)
Another 12 months and this should be going places!