Shares in specialist pharmaceutical firm Vectura came under pressure this week as investors continue to digest the news that its asthma treatment has failed a clinical trial to extend its use.
Chippenham-based Vectura, which is pioneering new ways of treating asthma and lung diseases, had hoped that a trial of its Flutiform asthma treatment would prove it could also be used by patients with chronic obstructive pulmonary disease (COPD). 
However, its partner in the project, UK drugs firm network Mundipharma, has said that a phase III trial did not demonstrate that Flutiform did not demonstrate “statistically significant superiority” to other treatments.
As a result, Vectura cannot now file for Flutiform to be used to treat COPD patients in Europe. Vectura’s shares lost around 10% of their value on Tuesday within minutes of the firm issuing a statement to the London Stock Exchange confirming this.
The shares recovered slightly in later trading but fell again yesterday when they closed down another 2.6% today at 127.6p - around their lowest for 20 months.
In its statement, Vectura admitted the trial results were “disappointing”, but said several previous similar studies had shown mixed results, with some similar treatments passing trials.
Vectura CEO James Ward-Lilley said: “Whilst this result is disappointing, Flutiform continues to grow strongly based on the approved asthma indication, which continues to underpin our expectations for future growth of the product.
“Vectura already benefits from sizeable and growing revenues from other partnered products on the market in Europe and elsewhere for the treatment of COPD, including Ultibro and Seebri.”
Vectura said Flutiform’s in-market net sales doubled to €144.4m last year following the launch of a 120-puff version in Japan in December 2014.
In the six months to June 30 this year in-market net sales totalled €92.4m, up 42% year-on-year.
Mundipharma’s phase III trial was an international double blind study with 1,767 randomised patients in 16 countries.
Vectura will publish a trading ipdate on September 7 to coincide with its AGM where it will also provide an update on the progress of the integration with Skyepharma.
Vectura’s £440m acquisition of London-based drug developer Skyepharma has created a £1bn company generating sales of more than £150m a year.
