Inhaled drug specialist Vectura announced an increase in revenue of 71 per cent to £22.8 million, compared with £13.3 million for the first half of 2008.

The results for the period ended 30 September 2009 showed that gross profit was up 86 per cent to £21.2 million, and loss after tax was reduced by 67 per cent to £3.3 million.

Chief executive of Vectura Dr Chris Blackwell said: “Vectura has made considerable financial and operational progress since the beginning of this financial year.Revenues increased by 71 per cent leading to a 67 per cent reduction in the loss after tax and a net cash inflow. 

“The start of the Phase III NVA237 trial and the impressive data on improvement in lung function shown with QVA149, has increased confidence in the market potential of both these products as once-daily therapies for the treatment of patients with chronic obstructive pulmonary disease.”