Medical research firm Vectura said it is to receive a €5m (£3.6m) payment after its secret partner on a lung disease treatment achieved “an important development milestone in Europe”.
Vectura, which specialises in developing products for treating of airways-related diseases, said the agreement with its unnamed partner comprises further milestones and tiered royalties on any net sales in the EU/rest of the world in the event of successful launches. Financial terms of the agreement have not been disclosed.
The treatment, known at this stage as VR876, is being developed by Vectura’s partner. It uses one of the company’s smart nebuliser delivery systems to improve the patient acceptance of the product.
The smart nebuliser delivery system is a hand-held, self-contained, battery powered device that delivers nebulised liquid drugs with high performance using a vibrating mesh technology, Vectura said.
The mesh-based aerosolisation engine is proprietary to Vectura.
Vectura chief operating officer Trevor Phillips said the company was looking forward to receiving regulatory action in 2016 and subsequent commercialisation, if approved.
“Vectura continues to be viewed as a partner of choice by companies seeking to address the unmet medical needs of patients with airway diseases,” he said.