Efficacy and Safety Study of Two Dose Levels of AZD2115 in Subjects With Moderate to Severe COPD

Inclusion Criteria: * Chronic Obstructive Pulmonary Disease Diagnosis: Subjects with an established clinical history of COPD for more than 1 year at Screening, according to the COPD GOLD guidelines. * Current or former smokers with a history of ≥10 pack years of cigarette smoking. * Post-bronchodilator FEV1/FVC ratio of \<70%. * Pre-bronchodilator FEV1 must be \<80% predicted * Women of non-child bearing potential (ie., physiologically incapable of becoming pregnant, including any female who is 2 years post-menopausal); or women of child bearing potential, has a negative serum pregnancy test at Screening and agrees to acceptable contraceptive methods for the duration of the study. Exclusion Criteria: * Pregnancy: Women who are pregnant or lactating. * Significant diseases other than COPD, ie., disease or condition which, in the opinion of the Investigator, may put the subject at risk because of participation in the study or may influence either the results of the study or the subject's ability to participate in the study. * Primary diagnosis of asthma. * Alpha-1 antitrypsin deficiency as the cause of COPD * Other active pulmonary disease such as active tuberculosis, lung cancer, bronchiectasis, sarcoidosis, idiopathic interstitial pulmonary fibrosis, primary pulmonary hypertension, or uncontrolled sleep apnea. * Poorly controlled COPD (hospitalization due to poorly controlled COPD within 3 months of Screening or requiring treatment with corticosteroids or antibiotics in the 6 week interval prior to Screening or during Screening. * Unstable ischemic heart disease, left ventricular failure, or documented myocardial infarction within 12 months of Randomization. * Clinically significant abnormal ECG.