'Building on this performance, our key objectives in 2010 are the initiation of the QVA149 Phase III studies, ongoing progress on VR315, and presentation of clinical data on VR040 and VR496.'

Vectura said it was focused on becoming a sustainably cash-generative business following receipt of substantial milestone and royalty revenues from its partnered late-stage respiratory programmes.

'In the short-term we will continue to manage cash carefully and fund increased investment in our own proprietary development activities from both current revenue streams and cash resources.'

The group planned to establish an infrastructure in the US market, ultimately aimed at exploiting the commercial value of its products.

Story provided by Business Financial Newswire