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A WILTSHIRE drug development company that promises impotent
men the possibility of gaining an erection within eight minutes
is seeking to raise £20m in a flotation.
Vectura, a small firm backed by Merlin Biosciences, is hoping
to capture a big share of a multi-billion-dollar market currently
dominated by Pfizer’s Viagra.
Vectura believes that its product, as an inhaled drug, should
be faster-acting than tablets such as Viagra and its new rivals,
Cialis from Lilly ICOS and Levitra from Glaxo Smith Kline.
Test results to be published shortly are expected to confirm
that Vectura’s VR004 produces an erection in an average
of eight minutes.
This is a much faster response than Viagra, which can require
30 minutes or more to be effective.
Pfizer, Glaxo and Lilly are fighting a fierce battle of claim
and counter-claim to establish which of the drugs offers the
most natural treatment — meaning more spontaneity and
less need for “planned sex”.
Vectura hopes its approach could give it a lift in a market
expected to be worth $6 billion (£3.4 billion) by 2007.
Earlier trials suggested VR004 could produce results after
only three minutes.
Vectura is also working on treatments for chronic lung disease,
and offers its drug delivery and reformulation skills to other
pharmaceutical companies. It claims to be relatively low risk,
since it works with reformulated versions of proven, off-patent
medicines.
Chris Blackwell, formerly of Scotia, recently took over as
chief executive, replacing Peter Virley, who continues as
head of the services arm. John Brown, the former chief executive
of Acambis, has also joined Vectura’s board.
Nomura International is advising the firm on its flotation
on the Alternative Investment Market, and is thought to be
seeking a valuation of £60m.
Vectura is one of several investments that Merlin, headed
by Sir Chris Evans, is seeking to realise. Ark Therapeutics
floated earlier this year, while Cyclacel, a Dundee cancer
therapy firm, and Microscience, a vaccines developer, are
both preparing their own initial public offerings.
Isis Asset Management is Vectura’s other big investor.
Recent figures show the long-acting Cialis has captured 18%
of the British market, compared with a flaccid 5% showing
from Levitra. Cialis is doing even better in France, where
it has a 40% share and has been dubbed “le weekend”.
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