Efficacy and Safety of AQX-1125 in Unstable COPD

Inclusion Criteria: 1. Male or female aged ≥40 years at screening 2. History of COPD for at least 18 months prior to screening, characterised by excessive sputum production 3. Chronic productive cough for at least 3 months in each of the 2 years prior to screening (if other causes of productive cough have been excluded) and/or an exacerbation of COPD with predominantly bronchitic symptoms at enrolment 4. At least 2 documented exacerbations during the last 18 months prior to screening. 5. Presentation of a diagnosed acute exacerbation of COPD, or have recently (within 3 days) been discharged from hospital due to an acute exacerbation of COPD 6. Ability to perform pulmonary function testing and with documented fixed airway obstruction determined by an FEV1 /FVC \[forced vital capacity\] ratio (post-bronchodilator) of \<0.70 and a predicted FEV1 value of 30%-80% of normal within the 6 months prior to Visit 1. 7. Former smoker or current smoker, both with a smoking history of at least 10 pack years Exclusion Criteria: 1. Diagnosis of other relevant lung disease (e.g. asthma, cystic fibrosis \[CF\] or significant non-CF bronchiectasis) 2. Known alpha-1-antitrypsin deficiency 3. Treatment with roflumilast or theophylline within 1 month prior to screening 4. Lobar pneumonia, with current positive chest X-ray (CXR) or within the 3 months prior to screening including the presence of any new radiological infiltrate on CXR within the previous two weeks 5. Hospitalisation for more than 7 days for current acute exacerbation, or the requirement for intubation during hospitalisation 6. For outpatients, prior medical history indicating that previous exacerbations required \>3 weeks to stabilise