A Phase 1 Safety and Pharmacokinetics Study of AER 001 Administered as a Dry Powder in Asthmatic Subjects

Inclusion Criteria: * Adult males and females \> 18 years. * Subjects who if female, are not currently pregnant or breast feeding and are using medically acceptable methods of contraception and if male, are themselves and their female partners using medically acceptable methods of contraception. * Subjects who have a pre study medical history, physical examination, 12 Lead ECG acceptable to the investigator. * Subjects who have clinical laboratory tests within the reference ranges or clinically acceptable to the investigator. * Subjects who are negative for HbsAg, hepatitis C antibody and HIV II and I test at screening. * Subjects who are negative for drugs of abuse at screening and admission. * Subjects who are negative for alcohol on admission. * Subjects who have an improvement in FEV1 of \>10% following 400 ug salbutamol administration using a spacer device. * Subjects who have a FEV1 \> 70% of predicted at screening and pre dose. * Subjects who have not received steroid treatment in the prior week. * Subjects who are non-smokers for at least 3 months prior to screening. * Subjects who have a \< 10 pack year smoking history. * Subjects who satisfy the Global Initiative in Asthma (GINA, 2002) definition of asthma or have been on treatment for asthma. * Subjects who have a FEV 1 /FVC ratio \>0.65 at screening and pre-dose. * Subjects with stable, adequately treated medical conditions may be enrolled provided the Principal Investigator does not consider their study participation to place them at increased risk of adverse events. Subjects should continue their concomitant treatments without change during the study. * Subjects who are able and willing to give written informed consent. Exclusion Criteria: * Subjects who do not conform to the above inclusion criteria. * Subjects who have a clinically relevant history or presence of respiratory, gastrointestinal, renal, hepatic, haematological, lymphatic, neurological, cardiovascular, psychiatric, musculoskeletal, genitourinary, immunological, dermatological, connective tissue diseases or disorders which would preclude participation. * Subjects who have a history of relevant drug hypersensitivity. * Subjects who have a history of alcoholism. * Subjects who have a history of drug abuse. * Subjects who consume more than 28 units (male)/ 21 units (female) of alcohol a week. (unit = 1 glass of wine = 1 measure of spirits = ½ pint of beer) * Subjects who have acute gastrointestinal symptoms at the time of screening and/or admission (e.g. nausea, vomiting, diarrhoea, heartburn) * Subjects who have an acute respiratory infection such as influenza at the time of screening and/or admission. * Female subjects who are pregnant, breast feeding, or not using an acceptable method of contraception. Male subjects whoare not using an acceptable method of contraception or have a partner of child-bearing potential who is not using an acceptable method of contraception. * Subjects who have used any investigational drug and /or participated in any clinical trial within 3 months of their first dosing. * Subjects using medication, which in the opinion of the Investigator will affect the outcome of the study. * Subjects who have donated and/or received any blood or blood products within the previous 3 months prior to first dosing (to review on a case by case basis). * Subjects who cannot communicate reliably with the investigator. * Subjects who are unlikely to co-operate with the requirements of the study. * Subjects who have previously taken AER 001.