Study to Evaluate the Safety and Efficacy of Inhaled PT001 in Patients With Chronic Obstructive Pulmonary Disease (COPD)

Inclusion Criteria: * Signed written informed consent * 40 - 75 years of age * Females of non-child bearing potential or females of child bearing potential with negative pregnancy test; and acceptable contraceptive methods * COPD diagnosis * Current/former smokers with at least a 10 pack-year history of cigarette smoking * Patients with established clinical history of COPD and severity defined as a post-ipratropium FEV1/FVC ratio of ≤0.70 and FEV1 ≥50 and ≤85% of predicted normal at Screening * Must demonstrate reversibility to ipratropium demonstrated by a \>200 mL improvement over baseline and/or \>12% and \>150 mL improvement over baseline * Patients willing to stay at study site for at least 24 hours on each test day Exclusion Criteria: * Women who are pregnant or lactating * Primary diagnosis of asthma * Alpha-1 antitrypsin deficiency as the cause of COPD * Active pulmonary diseases * Prior lung volume reduction surgery * Abnormal chest X-ray (or CT scan) not due to the presence of COPD * Hospitalized due to poorly controlled COPD within 24 weeks of Screening * Unable to perform acceptable spirometry * Poorly controlled COPD in prior 6-weeks, defined as the occurrence of acute worsening of COPD requiring corticosteroids or antibiotics or acute worsening of COPD requiring treatment prescribed by a physician * Clinically significant medical conditions * Symptomatic prostatic hypertrophy or bladder neck obstruction * Known narrow-angle glaucoma * Lower respiratory tract infection requiring antibiotics in past 6 weeks * Clinically significant abnormal ECG * Clinically significant uncontrolled hypertension * Positive Hepatitis B surface antigen or Hepatitis C antibody * Cancer that has not been in complete remission for at least 5 years * History of hypersensitivity to any beta2-agonists or anticholinergics * History of severe milk protein allergy * Known or suspected history of alcohol or drug abuse * Medically unable to withhold short acting bronchodilators for 6-hours * Use of the medications below in specified time interval prior to Screening: 3 months: depot corticosteroids, intra-articular corticosteroids; 6 weeks: oral corticosteroids, antibiotics administered for a COPD exacerbation; and 1 month: P-glycoprotein inhibitors, CYP450 3A4 inhibitors, ICS \>1000 μg/day of fluticasone propionate or equivalent * The following COPD medications need to be stopped and switched to appropriate replacement therapies: tiotropium, oral beta2 agonists, LABAs, combination corticosteroid/LABAs, theophylline, leukotriene inhibitors,cromoglycate and nedocromil * Use of the following medications is prohibited: tricyclic antidepressants, monoamine oxidase (MAO) inhibitors, beta-adrenergic antagonists, anticonvulsants (barbiturates, hydantoins, and carbamazepine and phenothiazines * Receiving long-term-oxygen or nocturnal oxygen therapy for \>12 hours a day * Diagnosis of sleep apnea that is uncontrolled * Participation in acute phase of pulmonary rehabilitation in prior 4 weeks * Will enter acute phase of pulmonary rehabilitation program during study * Unable to comply with study procedures * Affiliated with Investigator site * Questionable validity of consent * Use of investigational study drug/participation in clinical study in the last 30 days or 5 half lives prior to Screening, whichever is longer