Cambridge UK pharma company Vectura is drawing down the first development milestone payment – $3 million – in September from a US customer involved in commercialising its VR315 asthma/COPD programme.Vectura today reiterated that is eligible to receive up to a further $32m on hitting future pre-determined development milestones.
These milestones, together with the initial payment of $10m in August 2011, total $45m. Vectura will also receive a royalty from all VR315 US sales.
Chief executive Dr Chris Blackwell said there would be major catalysts for further growth from the second half of 2012 – in Europe and the US.
In an interim management statement, Vectura said it would recognise the initial $3m for the period to September 30.
It was only last August that Vectura signed the licence agreement for the development, manufacturing and commercialisation of VR315 in the US with the American division of a leading international pharmaceutical company.
Vectura also issued an upbeat pipeline update on a broad technology front. A number of launches and filings are upcoming.
Dr Blackwell said: “The new financial year has seen continued strong progress across our key pipeline products and the company’s financial performance has been in line with the board’s expectations.
“Today we announce the achievement of a US VR315 milestone, which demonstrates progress on our lead generic programme. In June, we announced the positive CHMP opinion for Seebri® Breezhaler® and in April we announced positive headline Phase III data from the investigational fixed-dose combination product, QVA149 - with more detailed results set for presentation at ERS in September.
“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 our growth.”