Vectura has achieved a major milestone in its asthma drug target, triggering a $3m (£1.9m) payment from its unnamed US-based pharmaceutical partner and sending its share price up 5.9 per cent to 76.25p a share.
That means Vectura is still on for a further $32m (£20m) dependent on milestones, bringing the total it will have received to $45m (£29m) with a royalty from US sales from its lead asthma/COPD generic programme, VR315, to follow.
Vectura, which is headquartered in Chippenham and has a Cambridge R&D centre, is having a strong year. In April its full year results showed a halving of its pretax loss and a strong cash position of £75.5m.
Shortly after, former CEO and investor, Dr Andy Richards, told Cabume that the NVA237 drug target for moderate-to-severe chronic obstructive pulmonary disease (COPD) could be filed by the end of the year.
Speaking today, Vectura's CEO, Dr Chris Blackwell, said there was more to come: "We anticipate a number of major catalysts in the second half of 2012, including the EU filing of QVA149 and the launch of NVA237 in Europe.
As these programmes mature, we expect the resultant milestones and royalties to transform our revenue streams and financial profile, making Vectura a self-sustainable, cash-generative company, which will provide a strong platform for the next chapter in the company's growth."
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