- Vectura Group said its severe asthma treatment failed to prove effective versus placebo in clinical trials.

Vectura had been working on the VR475 treatment for several years, having taken ownership of the technology as part of its 2014 acquisition of Activaero.

It was hoped that VR475 could provide help for people suffering from the most severe forms of asthma.

Following the negatives study result, the value of Activaero would be fully impaired, resulting in a hit of £40m on a pre-tax basis and £29m on a net basis.

'Although we are disappointed that these results missed statistical significance, I remain confident in our proprietary technology and development capabilities,' chief medical officer Gonzalo de Miquel said.

'Vectura remains fully committed to enhancing respiratory medications by developing better formulations and superior inhalation systems for patients.' At 1:38pm: [LON:VEC] Vectura Group PLC share price was -5.85p at 71.75p

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