Study To Assess Efficacy and Safety of Oglemilast in Patients With Chronic Obstructive Pulmonary Disease (COPD)

Inclusion Criteria: * Presence of COPD as defined by GOLD criteria (2006); post-bronchodilator FEV1/FVC \<70%, and post-bronchodilator FEV1 \>30% and \< 80% predicted * Current or former cigarette smoker Exclusion Criteria: * Long-term oxygen use of \> 15 hours a day * Symptoms consistent with a significant asthmatic component (e.g. atopic disease, allergic symptoms) * Any COPD exacerbations within 30 days prior to study entry or during run-in * History of chronic or recurrent gastrointestinal disorder associated with bleeding in previous 12 months * Presence of clinical significant pulmonary disease other than COPD