Shares in drug developer Vectura Group climbed today after it announced the completion of a clinical trial for its generic therapy for asthma.
Vectura's share price was 8.14 per cent up at 192.6p per share in late morning trading.
The British-based pharmaceutical firm said it had completed the trial for VR315 in the US. VR315 is a generic, inhaled combination therapy for asthma and chronic obstructive pulmonary disease (COPD).
The company also announced that its partner for this programme is Roxane Laboratories, a subsidiary of Boehringer Ingelheim Corporation. Vectura signed the licence agreement with Roxane in 2011, whereby the two would work together on the development and commercialisation of VR315 in the US.
So far Vectura has received $22m (£15.05m) for reaching certain development milestones under the agreement. Vectura is eligible to receive a further $23m on achievement of future pre-determined development milestones on VR315. The company will also receive a royalty from all sales of VR315 in the US.
"This announcement marks an important step in the progression to market for our VR315 programme," chief executive James Ward-Lilley said. "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."