Effect of ADC4022 Co-Administered With Budesonide on Pulmonary Inflammation in Subjects With Moderate to Severe COPD

Inclusion Criteria: * Confirmed diagnosis of COPD that has been symptomatic for at least 2 years * The subject has moderate to severe COPD, as defined by the American Thoracic Society and the European Respiratory Society * The subject can produce an adequate sputum specimen after induction * The subject has a history of ≥ 10-pack years of cigarette smoking * The subject has either a ≤15% increase or ≤200 ml increase in FEV1 from pre-dose following a fixed dose of bronchodilator therapy * The subject is able to provide written, informed consent to participate Exclusion Criteria: * The subject has experienced a respiratory tract infection and/or an exacerbation of COPD within 30 days * The subject uses systemic corticosteroids (oral or parenteral) * The subject has received long term oxygen therapy within 30 days * The subject has a previous history or diagnosis of asthma * The subject has a chest x-ray within the past 12 months which is diagnostic of an active or clinically significant disease other than COPD * The subject has a history or presence of active tuberculosis, cystic fibrosis, bronchiectasis, lung cancer or sarcoidosis or any other clinically important lung diseases * The subject has had radiation or chemotherapy within the previous 12 months * The subject has a history of anaphylaxis associated with medicinal products * The subject is pregnant, intends to become pregnant, or is breast feeding * The subject's alcohol intake is excessive. * The subject participated in another study (for a marketed drug) within 3 months before the start of this study or (for an investigational drug) within 4 months before the start of this study. Other inclusion/exclusion criteria may also apply