A WILTSHIRE drug development company that promises impotent men the possibility of gaining an erection within eight minutes is seeking to raise £20m in a flotation.

Vectura, a small firm backed by Merlin Biosciences, is hoping to capture a big share of a multi-billion-dollar market currently dominated by Pfizer’s Viagra.

Vectura believes that its product, as an inhaled drug, should be faster-acting than tablets such as Viagra and its new rivals, Cialis from Lilly ICOS and Levitra from Glaxo Smith Kline. Test results to be published shortly are expected to confirm that Vectura’s VR004 produces an erection in an average of eight minutes.

This is a much faster response than Viagra, which can require 30 minutes or more to be effective.

Pfizer, Glaxo and Lilly are fighting a fierce battle of claim and counter-claim to establish which of the drugs offers the most natural treatment — meaning more spontaneity and less need for “planned sex”.

Vectura hopes its approach could give it a lift in a market expected to be worth $6 billion (£3.4 billion) by 2007.

Earlier trials suggested VR004 could produce results after only three minutes.

Vectura is also working on treatments for chronic lung disease, and offers its drug delivery and reformulation skills to other pharmaceutical companies. It claims to be relatively low risk, since it works with reformulated versions of proven, off-patent medicines.

Chris Blackwell, formerly of Scotia, recently took over as chief executive, replacing Peter Virley, who continues as head of the services arm. John Brown, the former chief executive of Acambis, has also joined Vectura’s board.

Nomura International is advising the firm on its flotation on the Alternative Investment Market, and is thought to be seeking a valuation of £60m.

Vectura is one of several investments that Merlin, headed by Sir Chris Evans, is seeking to realise. Ark Therapeutics floated earlier this year, while Cyclacel, a Dundee cancer therapy firm, and Microscience, a vaccines developer, are both preparing their own initial public offerings.

Isis Asset Management is Vectura’s other big investor.

Recent figures show the long-acting Cialis has captured 18% of the British market, compared with a flaccid 5% showing from Levitra. Cialis is doing even better in France, where it has a 40% share and has been dubbed “le weekend”.

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