A Multi-center Study to Investigate the Safety, Tolerability, Pharmacodynamics and Pharmacokinetics of R7103 Following Repeated Inhalation in Patients With Moderate-to-severe Chronic Obstructive Pulmonary Disease

Inclusion Criteria: * Male and female patients 40-70 years of age, inclusive. * Body Mass Index 18-32 kg/m2, inclusive. * Female patients must be surgically sterile or post menopausal for the past year confirmed by a negative hormone panel. Male patients and their partners of childbearing potential must use two methods of contraception, one of which must be a barrier method for the duration of the study and for 7 days after last dose. * Diagnosis of moderate-to-severe COPD (GOLD Stage II-III). Exclusion Criteria: * Current smoker or history of smoking in the last three months. * Use of continuous daily long term oxygen therapy or requirement for oxygen therapy during exercise. * History of cardiac conduction abnormalities or ventricular tachyarrhythmias. * Exacerbation of COPD within 8 weeks before first dosing.